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GM to Expand Production, Pay Back More of Bailout Money
Thursday, October 28, 2010 - 07:13 PM
(From WDET—Detroit, and Transportation Nation) General Motors will build a new small Cadillac at its Lansing Grand River plant. It will be built on the same platform as the Cadillac CTS, which was named Motor Trend’s car of the year in 2008.
Motor Trend Detroit Editor Todd Lassa says the new ATS will be designed to compete with the best small luxury cars like the Mercedes-Benz C- Class and the B-M-W 3 series. “The Cadillac ATS, I think, will do well against the Mercedes C-Class. The BMW 3 series is the car everyone wishes they could build. Cadillac wishes it could build that," he says.
GM CEO Dan Akerson tells WDET his company will invest $190 million in the Grand River plant to make the ATS. That will mean the addition of a second shift, creating 600 jobs. The car is set to launch in 2012.
In other GM news, the Department of the Treasury announced they have approved the buyback of $2.1 billion in preferred stock from GM. This brings the total repayment of government bailout money up to $9.5 billion of the $49.5 billion total.