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MarketScreener Homepage  >  Equities  >  Nyse  >  General Motors Company    GM

GENERAL MOTORS COMPANY

(GM)
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General Motors : GM to Invest $150 Million in Flint Truck Assembly Plant to Increase Full-Size Pickup Truck Production

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06/12/2019 | 03:29pm EDT

2019-06-12


  • GM's second major expansion of full-size pickup capacity this year
  • More heavy-duty volume, more crew cabs, more diesels on tap for Flint
  • Flint news follows expansion of light-duty capacity in Fort Wayne, Indiana

FLINT, Mich. - General Motors Co. (NYSE: GM) today announced the second major expansion of its full-size pickup production capacity this year: a $150 million investment at Flint Assembly to increase production of the all-new Chevrolet Silverado and GMC Sierra heavy-duty pickups, which begin shipping to dealers this week.

This news follows GM's announcement last month to expand light-duty, full-size pickup production capacity in Fort Wayne, Indiana, in response to strong customer demand.

GM has invested more than $1.6 billion in the Flint Assembly since 2013, enabling an increase in the truck plant's production capacity of the all-new Chevrolet and GMC HD pickups by about 40,000 vehicles annually, including more crew cab models and diesels.

Additionally, 1,000 new jobs were created this year, bringing employment at the plant to more than 5,000. The new investment will enhance the plant's conveyors and other tooling to increase production capacity. The work will be completed in the first half of 2020.

'We have tremendous opportunities to grow our heavy-duty pickup business, because we've invested in capability, performance, innovation and capacity,' said Mark Reuss, GM president. 'Our all-new Chevrolet and GMC HD pickups are the toughest, strongest, most capable heavy-duty pickups we've ever brought to market, and our Flint team is up to the challenge to build world-class quality products to drive the growth.'

GM's full-size truck product offensive began last year with the launch of the all-new Chevrolet Silverado and GMC Sierra 1500 light-duty crew cabs built at the Fort Wayne truck plant. Double cab and regular cab models are now available as well. Combined sales of the all-new 2019 Chevrolet Silverado 1500 and GMC Sierra 1500 crew cab pickups, the highest volume model in the fiercely competitive full-size pickup segment, were up 20 percent in the first quarter of 2019 versus a year ago. GM is projecting another significant increase for the second quarter.

Dealers will build their inventories of the new heavy-duty pickups through the remainder of 2019.

The Flint and Fort Wayne investments are the most recent GM has made to strengthen its growing truck, SUV and crossover business. Other investments include those previously announced in Dayton, Ohio; Parma, Ohio; Romulus, Michigan; Toledo, Ohio; Spring Hill, Tennessee; and Lansing, Michigan.

Since 2009, GM has invested more than $23 billion in its U.S. manufacturing base - more than one-quarter of every dollar spent by any automaker.

Opened in 1947, Flint Assembly currently operates three production shifts.

General Motors (NYSE:GM) is committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Cadillac, Chevrolet, Baojun, Buick, GMC, Holden, Jiefang and

Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand, and Cruise, its autonomous vehicle company, can be found at http://www.gm.com.

Disclaimer

GM - General Motors Company published this content on 12 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 June 2019 19:28:07 UTC

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Financials (USD)
Sales 2019 145 B
EBIT 2019 10 241 M
Net income 2019 9 052 M
Finance 2019 7 528 M
Yield 2019 4,35%
P/E ratio 2019 5,43x
P/E ratio 2020 5,52x
EV / Sales2019 0,30x
EV / Sales2020 0,28x
Capitalization 50 784 M
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Number of Analysts 22
Average target price 47,48  $
Last Close Price 35,57  $
Spread / Highest target 91,2%
Spread / Average Target 33,5%
Spread / Lowest Target -1,60%
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NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Dhivya Suryadevara Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
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