August 26, 2008
GM Announces $500 Million Investment for New Small Car
LORDSTOWN, OH – General Motors Chairman and Chief Executive Officer Rick Wagoner announced that the company will invest more than $500 million in the United States to build the Chevrolet Cruze, an all-new global compact car. The vehicle will be built at its Lordstown, Ohio, plant. The Chevy Cruze will be officially unveiled at the Paris Motor Show.
The investment in Lordstown is one of several that have been announced at U.S. plants in the past five years, adding up to more than $2 billion total investment in Ohio and more than $20 billion in the United States.
"One of the key reasons for the success of the Chevrolet Cobalt and Pontiac G5 is the Lordstown workforce and the strong partnerships with the UAW and local and state officials," Wagoner said. "Based on the quality of work and these strong partnerships, we are pleased to announce our plans to invest another $500 million in the Chevy Cruze product program in the United States, including more than $350 million in Lordstown."
Chevrolet Cobalt sales are up 16 percent, year-to-date through July 2008. It features 33 miles-per-gallon on the highway. The new Cobalt XFE model jumps to 37 miles-per-gallon and is selling almost as soon as it's unloaded from the delivery trucks to dealerships.
The new Cruze will be launched in Europe and Asia Pacific next year. It's scheduled to make its European debut at the Paris Motor Show in October.