May 25, 2011
General Motors (NYSE:GM) on Wednesday said it would add two shifts and about 2,500 jobs at its Hamtramck Assembly factory straddling the border of Detroit and Hamtramck, Michigan.
The plant is the exclusive manufacturer of the Chevy Volt, and will produce the new Chevy Malibu midsize sedan and the next generation Impala.
The company said it is investing another $69 million in tools and equipment to support the Impala, which is in addition to the $121 million investment announced last month to support Malibu production.
GM North America President Mark Reuss, in a prepared statement said, "Filling this plant with new work is very satisfying because GM is dedicated to helping rebuild this city. We are confident in the flexibility of the plant, the excellence of our workers and the great cars assembled here."
General Motors has a potential upside of 37.9% based on a current price of $31.06 and an average consensus analyst price target of $42.85.
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