5/6/2013

GM Plans to Invest $16 Billion in U.S. Facilities

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General Motors Co. says it will spend about $16 billion on its U.S. facilities over the next three years.That figure compares with $11 billion GM said last month it intends to invest on expansion in China over the same period.GM announced but did not explain the U.S. figure on Sunday in a letter to The Wall Street Journal from Selim Bingol, vice president of public policy.

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General Motors Co. says it will spend about $16 billion on its U.S. facilities over the next three years.

That figure compares with $11 billion GM said last month it intends to invest on expansion in China over the same period.

GM announced but did not explain the U.S. figure on Sunday in a letter to The Wall Street Journal from Selim Bingol, vice president of public policy. The letter is in response to a critical editorial in the Journal that complained China is enjoying disproportionate benefits from GM’s federal bailout.

Bingol says GM’s investments in China are funded by its joint ventures there. “Not one dollar of U.S. taxpayer rescue money was spend on our operations [in China],” he declares, adding that “We require funds spent there to be generated there.”

Last year GM sold 2.8 million vehicles in China and 2.6 million units in the U.S. 

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