GENERAL MOTORS COMPANY

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General Motors : GM to Invest $50 Million in Detroit Nonprofit Programs; Grant funding to support efforts that increase economic opportunity in the city

09/15/2021 | 11:27am EDT

DETROIT - General Motors today announced it will invest $50 million into Detroit-based nonprofit programs that expand access to education and employment opportunities and strengthen city neighborhoods.

The initiative, launched in collaboration with the City of Detroit, is part of GM's strategy to promote sustainable solutions through projects that help Detroiters learn, work and thrive.

Detroit Mayor Mike Duggan and GM Chair and CEO Mary Barra discussed the commitment during a fireside chat Tuesday at Durfee Innovation Society. They were joined by key nonprofit leaders whose organizations recently have been awarded a total of $4 million in grant funding from GM.

'As the home of our headquarters for more than a century, Detroit has always been a priority for General Motors,' said Barra. 'We're invested in supporting a strong future for this community. Our new commitment will help break down barriers and promote growth through education and economic success.'

Duggan said, 'GM has been a part of this community for the last century, providing good-paying, middle-class jobs for Detroiters. Today's commitment by GM solidifies the company's investment in the people of Detroit, ensuring Detroiters have the skills they need to access these kinds of opportunities for years to come.'

Of the $50 million commitment, key grants made thus far include:

$1.25 million to support Human-I-T's work connecting Detroiters to a comprehensive digital support system that includes internet connectivity, devices, tech support and digital literacy skills to create greater access to education and employment.

$1 million to the Detroit at Work People Plan and Community Health Corps to support a multifaceted approach to employment, health and well-being resources coordinated across the city with key agencies.

$1 million to United Way's Ride United, a mobility initiative that aims to address transportation barriers for workers through ongoing partnerships with on-demand ride services and United Way for Southeastern Michigan's local social service agency partners.

$750,000 to Beyond Basics to provide critical literacy education for students at Cody and Mumford High Schools and support adults at the Family Literacy Center at Durfee Innovation Society.

'We are honored and excited to work with nonprofit organizations that share our ambition to help Detroit thrive, especially through investments in education and workforce development opportunities for those who call it home,' said Terry Rhadigan, GM executive director of Corporate Giving.

Today's announcement reinforces GM's commitment to the city and builds upon decades of the automaker's philanthropy in Detroit. In 2020 alone, GM funded 57 projects across the Motor City that were projected to impact over 250,000 individuals.

Nonprofits that share in this mission are encouraged to apply for grant funding. More information and application resources can be found at www.GM.com/our-company/social-investment.

This funding is the latest example of GM's commitment to Detroit. In 2020, GM announced a $2.2 billion investment to retool, upgrade and expand its Detroit-Hamtramck Assembly plant, now called Factory ZERO. The renovation represents the single largest investment in a plant in GM history, and once fully operational, the plant will employ more than 2,200 team members in Detroit. Factory ZERO will serve as the launchpad for the company's multi-brand EV strategy.

Beginning Sept. 20, more than 450 GM employees will volunteer at nonprofits across the city as part of the 10th annual GM Cares Week. During this time, 100 employees will launch beautification projects in Hamtramck near Factory ZERO.

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.

In 1996 General Motors acquired the Renaissance Center to house its world headquarters and began a transformation, including a revamped Jefferson Avenue Lobby, the addition of GM Plaza and Wintergarden and enhanced public spaces along the Detroit International RiverWalk. Following 25 years of continued enhancements, Detroit's signature riverside complex is a much different and more vibrant place that has helped spark a downtown renaissance and enhance public spaces along the Detroit River. (Photo by Steve Fecht for General Motors)

FACT SHEETS

GM to Invest $50 Million in Detroit Nonprofit ProgramsGeneral Motors announces it will invest $50 million into Detroit-based nonprofit programs that expand access to education and employment opportunities and strengthen city neighborhoods. The initiative, launched in collaboration with the City of Detroit, is part of GM's strategy to promote sustainable solutions through projects that help Detroiters learn, work and thrive.

CONTACT

Kristen Ackerman

GM Communications

Phone 248-308-8187

kristen.ackerman@gm.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2022 154 B - -
Net income 2022 9 214 M - -
Net cash 2022 9 069 M - -
P/E ratio 2022 5,79x
Yield 2022 0,02%
Capitalization 52 577 M 52 577 M -
EV / Sales 2022 0,28x
EV / Sales 2023 0,24x
Nbr of Employees 157 000
Free-Float 95,1%
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Last Close Price 36,06 $
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Spread / Average Target 46,7%
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Managers and Directors
Mary Teresa Barra Chairman & Chief Executive Officer
Mark L. Reuss President
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Fred Killeen Chief Information Officer
Kent E. Helfrich CTO, Vice President-Global Research & Development
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