The Trump Effect: GM (NYSE:GM) Will Invest $1-B in US Factories
General Motors (NYSE:GM) to invest at least $1-B in several of its US factories creating more than 1,000 jobs.
The news about the automaker comes less than 2 weeks after President Elect Donald Trump called out GM for making its Chevy Cruze in Mexico and then shipping the cars to the US without paying border taxes.
During last week;s press conference, Donald Trump turned up the pressure on GM by praising Ford (NYSE:F) and Fiat Chrysler (NYSELFCAU) for investing in the US and adding jobs.
Adding, “I hope that General Motors will be following. And I think they will be.”
GM’s General Cnsel Craig Glidden said the decision to invest more at its American plants did not happen overnight.”
Fiat Chrysler has committed to investing $1-B in two US factories and will build 3 new Jeep vehicles, which will create 2,000 new jobs.
Ford scrapped plans to build a plant in Mexico and will instead spend $700-M to expand a Michigan plant. Donald Trump thanked both automakers last week.
The Trump Effect!
|NYSE:GM||37.34||13 January 2017||-0.17||37.55||37.77||37.15||8,748,800|
|HeffX-LTN Analysis for GM:||Overall||Short||Intermediate||Long|
|Bullish (0.43)||Neutral (0.23)||Very Bullish (0.52)||Very Bullish (0.53)|
Have a terrific week.