Business

GM And Chrysler Investing Additional $1B In US Auto Manufacturing

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The move will save nearly 2,500 jobs.

From The Street:

Hard-hit Kokomo, Ind., got a big boost from Chrysler on Tuesday when the automaker announced it plans to pump another $843 million into three factories to build a new front-wheel-drive transmission.

General Motors, meanwhile, will announce Wednesday that it will invest $163 million in two Michigan plants and an Ohio foundry to make small-car engines, according to a person familiar with GM’s plans. The person was not authorized to talk about the plans ahead of the formal announcement and asked not to be identified.

But wait, there’s more from Chrysler…

Chrysler said the new investment, to start early next year and run through the third quarter of 2012, would raise the company’s commitment to the Kokomo plants to $1.1 billion, pushing its total U.S. factory investment to nearly $3 billion since it emerged from government-funded bankruptcy protection in 2009.

And everybody heard that GM IPO’d this week, right? And it was the biggest IPO ever?

More as it develops…