GM to invest $500m in new small car

21 August 2008 23:58  [Source: ICIS news]

HOUSTON (ICIS news)--General Motors (GM) will invest more than $500m (€340m) in a new global small car that will be built in the US and other locations, the automobile maker said on Thursday.

The Chevrolet Cruze will be built at GM’s plant in Lordstown, Ohio, the company said in a press release. The $500m investment includes $350m in the Lordstown plant, the company said.

The new car could come as good news for US plastics makers, who are seeking to cash in on the trend towards more lightweight vehicles.

“The Chevrolet Cruze was designed and engineered by our global teams in Europe and Asia Pacific and will be manufactured in those regions in addition to the assembly plant here in Lordstown, Ohio,” chairman and CEO Rick Wagoner said. “Our goal for the Chevrolet Cruze is to lead in fuel economy in this very competitive car segment.”

The Lordstown plant presently manufactures the Chevrolet Cobalt small car and the Pontiac G5. Chevrolet Cobalt sales were up 16% year to date, the company said.

The Cruze will be launched in Europe and Asia Pacific in 2009 and in the US in 2010, the company said.

To discuss issues facing the chemical industry go to ICIS connect

By: Brian Ford
+1 713 525 2653

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 3 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly