Skip to comments.GM Invests $450 Million in Argentina
Posted on 10/25/2012 7:28:22 AM PDT by mgist
GM announced its plans to invest $450 million in its Rosario Automotive Complex, Argentina, to manufacture an all-new global Chevy car.
We are pleased to be making this investment in Argentina, which remains a very important market for us, GM Chairman and CEO Dan Akerson said. We have a long, proud history here dating to 1925 and our latest investment is certainly good news for our GM Argentina employees, our extensive dealer and supplier network and the local economy.
The investment at the Rosario Automotive Complex will be made between 2013 and 2015. Last year the Rosario plant manufactured more than 136,000 vehicles, and this investment will add new vehicles for export and new models to be added in Chevrolets portfolio for customers and dealers in Argentina.
According to GM this new model will be based on a global platform and will give the automaker the possibility to offer the domestic and regional market more high-quality, high value Chevrolet products. Last year GM Argentina sold 136,323 units, manufactured 136,466 units and exported 82,492 vehicles to countries in the region. The Rosario Automotive Complex has 3,300 employees in Alvear and Buenos Aires.
A: The American Auto Industry is BACK!!
Somebody explain this to me???
Øbama says he opposes outsourcing US jobs to other countries. He lies. This story is ample proof of that.
Yeh.....More jobs for Argentina!!!
They dont have money to pay back the emergency loan to keep them from going bankrupt, but have a spare half a billion hanging around to invest in making an auto factory in Argentina.
Cause we all know you can ship from Argentina where ships dont port in the USA.
Glow Bull ism
Every speech in support of Romney in Ohio should begin with this news article.
Obama works on the assumption that business needs government.
Romney works on the assumption that government needs business.
Corporations do not need to suffer the fools of government.
One socialist redistributing our money to another socialist crony.
It is really simple.
Global companies make global investments to develop or grow companies abroad.
GM senses an opportunity to grow the Argentinian/South American market and must make an investment in manufacturing to accomplish the goal.
It is not an exportation of jobs. To make that assumption one must assume there are people holding those jobs presently. That is not the case. To be competitive, it is necessary to build the cars in the foreign location. The venture might result in an increase in American jobs required to support the foreign operation. There might also be export of American made parts to the facility.
I can not say if it is a good venture or a hail mary attempt to grow in the face of impending domestic failure. For most companies it is sound business
Agree completely. But that’s not how the other side paints it when they are trying to demonize an opponent.
Dan Akerson was appointed CEO by Obama.
“Somebody explain this to me???”
I wish I could but I’m too busy banging my head on my desk.
GM already has a big new plant there in Rosario... I drove past it last month.
Ford also has HUGE new factory near Salvador, Brazil.
People down there pay a LOT for cars... good business to be in, if you’re selling them.
I would normally agree with it being practical for companies to go overseas, but these jokes went bankrupt! They were given billions of our tax dollars and haven’t paid it back.
Argentina is NOT business friendly. This is Kirshner’s Argentina: http://www.youtube.com/watch?v=ckpQFIro2C4&feature=youtu.be
People in Michigan and Ohio need to post this story to their Social Media pages. There is still time to change both of these states. These are the kinds of things that can change minds.
It's simple. Obama takes over GM, gives them hundreds of millions of dollars which were obtained by indebting US taxpayers now and for generations. GM sends the money to Argentina to build a plant which Kirchner will presently nationalize. That is, Obama caused the US taxpayer to become burdened with massive debt to give Kirchner a free auto plant.
this is an Obama-driven reward (he does control the lions shae of GM) to the socialist government in Argentina, because, if it were merely about investing for expanding production and sales in South America, Argentina is likely the worst of the South American states for such investment