27 October 2012

General Motors to Invest $450 Million in Argentina

- To expand its Rosario Automotive Complex to build new Chevrolet vehicle 

Buenos Aries, Argentina – 24 October 2012 - General Motors will invest $450 million between 2013 and 2015 to expand its Rosario Automotive Complex to build an all-new global Chevrolet vehicle, Chairman and CEO Dan Akerson said Wednesday. 

Akerson was joined by Argentina President Cristina Fernández de Kirchner; GM South America President Jaime Ardila; and GM Argentina President Isela Costantini. 

“We are pleased to be making this investment in Argentina, which remains a very important market for us,” 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. 

“We also have an excellent relationship with the Argentine government and would like to thank President Fernández de Kirchner for her ongoing support in making today’s announcement possible,” Akerson said. 

GM Argentina produced a record of more than 136,000 vehicles at its Rosario facility in 2011. The upcoming expansion of the plant will allow GM Argentina to add new vehicles for export and to continue refreshing the Chevrolet vehicle portfolio for dealers and customers in Argentina. 

“This new model to be based on a global platform will run in addition to the models we are currently manufacturing in our plant and will allow us to supply the regional and domestic market with even more high-quality, high value Chevrolet products,” Costantini said. “It is a huge vote of confidence for the entire GM Argentina team and the country.” 

General Motors (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. 

GM Argentina sells the Chevrolet brand through a nationwide dealer network that provide services and spare parts. GM Argentina sold 136,323 units in 2011. It also manufactured 136,466 units at GM Rosario Automotive Complex and exported 82,492 vehicles to countries in the region. GM Argentina currently employs 3,300 people at locations in Buenos Aires and Alvear, in the province of Santa Fe. 

Source: General Motors