MEXICO CITY (Reuters) — General Motors Co. plans to invest $691 million to expand operations in Mexico.
GM Mexico President Ernesto Hernandez said today the investment included a new plant in Silao in central Mexico that will produce 8-speed transmissions as well as an upgrade to an existing facility in San Luis Potosi that will make new-generation transmissions.
“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,” Hernandez said in statement.
GM has the second largest vehicle output in Mexico after Nissan, according to the Mexican Auto Industry Association.
GM said in January it would invest $1.5 billion in its North American plants this year.