GM to Invest $740 Million in New Argentina Factory

GM to Invest $740 Million in New Argentina Factory

Production at the aluminum motor factory will begin in 2017 and aims to reach 140,000 motors annually. 

BUENOS AIRES -- General Motors’s (IW 500/5) (GM) first South American factory turning out aluminum motors will be located in Argentina. The company will invest  invest $740 million through 2016.

The announcement comes as the Argentine auto industry saw a more than 20% drop in production in the first quarter compared to the record performance in the same period in a year earlier.

The new unit will be installed in the GM complex in Rosario, an agro-industrial port city some 190 miles northwest of the capital, according to the office of President Cristina Kirchner.

The complex currently employs some 2,800 people and produces seven models.

Production at the new factory is to start in 2017 and aims to reach 140,000 motors a year.

General Motors suspended production in Argentina in 1978, but returned in 1997. It plans another motor factory on Mexico.

Copyright Agence France-Presse, 2014

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish