General Motors (IW 500/4) announced yesterday that it will invest $691 million for its manufacturing operations in Silao, San Luis Potosi and Toluca to build ‘higher performing, more fuel-efficient powertrains.’
Mexico President Enrique Peña Nieto and other senior government officials were on hand to mark the importance of the investment to the country.
"GM is about to reach 78 years in Mexico and we celebrate it with this new investment, which means more employment and development opportunities for the regions of Silao, San Luis Potosi and Toluca; and more advanced technology that will benefit our customers," said Ernesto M. Hernandez, president and managing director of General Motors de Mexico.
"The quality of our employees’ work continues transcending borders, allowing us to continue attracting investment to maintain a strong production of vehicles, engines and transmissions of outstanding quality for our customers around the world."
The investment will be allocated as follows:
- $349 million for the Silao Complex for a new transmission plant and a new generation of 8-speed transmissions, which will offer improved performance and fuel efficiency
- $131 million for the San Luis Potosi Complex to expand the next-generation transmission plant, and produce transmissions that will improve fuel efficiency, operation smoothness and reduce weight
- $211 million of all-new investment to expand the Toluca Complex.
- The Silao and San Luis Potosi investments total $480 million and complete the allocation of the $900 million GM Mexico announced in July 2011. Last July, GM announced the allocation of $420 million for other projects in San Luis Potosi and Silao.