It's been a long time since anyone boasted, "what's good for General Motors is good for the country." However, the carmaker's emergence from bankruptcy, reinvestment in Michigan, and dedication in-demand styles and features provide at least enough good news to merit renewed calls to "buy American."
A successful initial public offering by GM last month, succeeded, among other things, in driving down the federal government's ownership share in the company, from a majority 51% to 26%. In the process, the Treasury Department recouped $8.7 billion on the sale of some 350,000 government-held shares.
Fortunes among all three major automakers have taken a turn for the better, but recent news from GM shines especially bright. On Thursday, for example, Governor Granholm today hailed General Motors' announcement that it will create 1,000 new engineering and development jobs in Michigan over the next two years as part of its vehicle electrification program. The announcement was made in Detroit where, the governor was on hand at the Hamtramck Assembly Center, production site of the new Chevrolet Volt.
"The state of Michigan is proud to continue our long partnership with GM as it drives toward a leaner, greener future," Granholm said. "As we work to diversify our state's economy both within the auto industry and outside of it, electric vehicles will play a major role in re-establishing Michigan as the North American center of automotive manufacturing."
In June 2009, GM identified Michigan as one of three potential locations for its new, small-car assembly project. Rather than submit a traditional incentive package for this single project, the Michigan Economic Development Corporation proposed a "Global Solutions" Michigan Economic Growth Authority incentive, which covered all manufacturing investments by GM in Michigan. In total, the incentive package retains 20,000 workers and will generate a total investment of up to $2.5 billion in GM's Michigan manufacturing operations. The Advanced Battery Credits bill, passed by the state legislature with bipartisan support in 2008, helped GM cement its decision to make Michigan the center of its vehicle electrification strategy.
"In little more than a year, Michigan has become the new center of the world's electric vehicle and advanced battery industry," Granholm said. "Michigan's aggressive efforts to develop the advanced battery sector means that 18 of the global industry's best-practice companies are or will soon be operating here. Our plan to diversify the state's economy has achieved tangible results, both inside the auto industry and outside of it."
To date GM has invested more than $700 million primarily in eight Michigan facilities alone, to retool, upgrade, or build the manufacturing and research and development infrastructure needed to build the Volt. GM plans to produce 10,000 Volts for the 2011 calendar year, and will increase U.S. production capacity for Volt to 45,000 units in 2012. Also in August 2009, the U.S. Department of Energy awarded grants to GM to accelerate the deployment of battery pack manufacturing in Michigan. These grants for Volt suppliers and related facilities enabled high-volume production for electric drive and battery manufacturing.
The Detroit-Hamtramck Assembly Center employs more than 1,100 hourly and salaried workers. Co-located in Detroit and Hamtramck, the plant covers 3.6 million square feet and is the only GM plant in Detroit. In addition to the Volt, the facility builds the Cadillac DTS and Buick Lucerne.
A successful initial public offering by GM last month, succeeded, among other things, in driving down the federal government's ownership share in the company, from a majority 51% to 26%. In the process, the Treasury Department recouped $8.7 billion on the sale of some 350,000 government-held shares.
Fortunes among all three major automakers have taken a turn for the better, but recent news from GM shines especially bright. On Thursday, for example, Governor Granholm today hailed General Motors' announcement that it will create 1,000 new engineering and development jobs in Michigan over the next two years as part of its vehicle electrification program. The announcement was made in Detroit where, the governor was on hand at the Hamtramck Assembly Center, production site of the new Chevrolet Volt.
"The state of Michigan is proud to continue our long partnership with GM as it drives toward a leaner, greener future," Granholm said. "As we work to diversify our state's economy both within the auto industry and outside of it, electric vehicles will play a major role in re-establishing Michigan as the North American center of automotive manufacturing."In June 2009, GM identified Michigan as one of three potential locations for its new, small-car assembly project. Rather than submit a traditional incentive package for this single project, the Michigan Economic Development Corporation proposed a "Global Solutions" Michigan Economic Growth Authority incentive, which covered all manufacturing investments by GM in Michigan. In total, the incentive package retains 20,000 workers and will generate a total investment of up to $2.5 billion in GM's Michigan manufacturing operations. The Advanced Battery Credits bill, passed by the state legislature with bipartisan support in 2008, helped GM cement its decision to make Michigan the center of its vehicle electrification strategy.
"In little more than a year, Michigan has become the new center of the world's electric vehicle and advanced battery industry," Granholm said. "Michigan's aggressive efforts to develop the advanced battery sector means that 18 of the global industry's best-practice companies are or will soon be operating here. Our plan to diversify the state's economy has achieved tangible results, both inside the auto industry and outside of it."
To date GM has invested more than $700 million primarily in eight Michigan facilities alone, to retool, upgrade, or build the manufacturing and research and development infrastructure needed to build the Volt. GM plans to produce 10,000 Volts for the 2011 calendar year, and will increase U.S. production capacity for Volt to 45,000 units in 2012. Also in August 2009, the U.S. Department of Energy awarded grants to GM to accelerate the deployment of battery pack manufacturing in Michigan. These grants for Volt suppliers and related facilities enabled high-volume production for electric drive and battery manufacturing.
The Detroit-Hamtramck Assembly Center employs more than 1,100 hourly and salaried workers. Co-located in Detroit and Hamtramck, the plant covers 3.6 million square feet and is the only GM plant in Detroit. In addition to the Volt, the facility builds the Cadillac DTS and Buick Lucerne.
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