General Motors investing in 3 US facilities for production of gas, electric vehicles
DETROIT, June 10 (Reuters) - General Motors (GM.N), opens new tab on Tuesday said it is planning to invest about $4 billion at three U.S. facilities.
GM is investing in plants in Michigan, Kansas, and Tennessee "to expand finished vehicle production of several of GM's most popular vehicles," the company said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
an hour ago
- Finextra
Automotive BNPL firm Payment Assist opens business lending division
Payment Assist, the UK's leading provider of Buy Now Pay Later (BNPL) and retail finance solutions for the automotive sector, has announced the launch of a business lending division, expanding its offering to include merchant cash advance, business loans, invoice finance and business credit cards. 0 The move marks a major step forward in Payment Assist's mission to support the full financial needs of garages, dealerships and workshops across the UK. Automotive businesses will now be able to access fast, flexible funding options directly through Payment Assist, helping them to invest in new tools, expand operations and manage cashflow with ease. "This is more than just a product launch, it's a natural evolution of how we support the industry," said Marcus Gregory, CEO of Payment Assist. "By offering broader finance solutions alongside our core BNPL platform, we're making it easier than ever for our merchants to grow with confidence." Groov partnership powers smart access to finance To deliver these new lending services, Payment Assist has partnered with Groov, an embedded finance platform that connects businesses to a curated network of top UK lenders, including YouLend, 365 Finance, iwoca, Capital on Tap and Capify. Through Groov's advisory layer and live offer comparison tools, merchants can link their account, instantly view tailored funding options and select terms that suit their needs, all in one place. 'With Groov's smart infrastructure behind us, we can deliver the speed, insight and simplicity that our customers need,' Gregory added. Mark Hazzard, CEO and Founder of Groov, concluded: 'At Groov, we believe in making capital both smart and accessible. Partnering with Payment Assist means combining deep BNPL expertise with intelligent lending technology to bring meaningful impact to automotive merchants.'
Auto Car
an hour ago
- Auto Car
Renault adds new full-hybrid options for Symbioz and Captur
Close The Symbioz and Captur crossovers have become the first Renault models to gain the French firm's new full-hybrid powertrain. The E-Tech Full Hybrid 160 system, announced in May, gets a combined 158bhp from a 1.8-litre four-cylinder petrol engine and two electric motors (a 48bhp motor and a 20bhp ISG). Those motors draw energy from a 1.4kWh battery, which is recharged via regenerative breaking and allows for unspecified short periods of electric-only driving. The new powertrain costs from £25,195 in the Captur and from £29,795 in the Symbioz. Renault has also added a new mild-hybrid petrol model to the bottom of the Symbioz line-up, priced from £ 27,395. This pairs a 1.3-litre four-cylinder turbo petrol engine with a gearbox-mounted electric motor for a combined 138bhp. Power is sent to the front wheels via a six-speed manual gearbox. All three new models are available to order now, with deliveries due to start in July.
The Independent
3 hours ago
- The Independent
Economy shrinks by more than expected amid record fall in exports to the US
The economy saw the biggest monthly contraction for a year-and-a-half in April as manufacturing activity pulled back sharply amid a record drop in exports to the US following President Donald Trump's tariff hikes. Official figures showed gross domestic product (GDP) fell by 0.3% in April, compared with growth of 0.2% the previous month, and marking the biggest contraction since October 2023. It was also worse than the 0.1% contraction expected by most economists. The Office for National Statistics (ONS) said output in Britain's manufacturing sector dropped by 0.6% in April, having surged earlier in the year as US importers stocked up ahead of Mr Trump's tariff rises, which came into effect at the start of April. Exports to America fell at the fastest pace on record, down £2 billion in April – led by machinery and transport, including cars, according to separate trade figures from the ONS on Thursday. ONS director of economic statistics Liz McKeown said: 'After increasing for each of the four preceding months, April saw the largest monthly fall on record in goods exports to the US with decreases seen across most types of goods, following the recent introduction of tariffs.' The wider economy also shrank as the all-important services sector saw activity fall by by 0.4% in April. The ONS said this was largely pulled lower by a drop off in demand in the housing market following the rush to complete property deals ahead of the stamp duty change from April 1. Chancellor Rachel Reeves acknowledged that the latest GDP figures were 'clearly disappointing', but insisted her spending review would help deliver growth. She said: 'Our number one mission is delivering growth to put more money in people's pockets through our plan for change, and while these numbers are clearly disappointing, I'm determined to deliver on that mission.' The fall in GDP also comes after soaring wage cost pressures from April, with the increase in national insurance contributions (NICs) and the minimum wage both taking effect at the start of the month, which has hit the service sector particularly hard. Ms McKeown said declining output in services and manufacturing sectors both dragged on overall GDP in April. 'However, over the last three months as a whole GDP still grew, with signs that some activity may have been brought forward from April to earlier in the year,' she said. She added: 'Both legal and real estate firms fared badly in April, following a sharp increase in house sales in March when buyers rushed to complete purchases ahead of changes to stamp duty. 'Car manufacturing also performed poorly after growing in the first quarter of the year.'
