Dec 14, 2019

General Motors to invest $1.5 billion into Missouri plant

Photo: Michael B. Thomas/Getty Images

General Motors announced plans to invest $1 billion to revamp its plant in Wentzville, Missouri, plus an additional $5oo million for supplier tooling and machinery, the Detroit Free Press reports.

Why it matters: This investment is part of GM's 2019 contract with the United Auto Workers union, in which the automaker promised to invest $7.7 billion in U.S. facilities and create or retain 9,000 jobs over the next four years, per the Free Press.

  • The investment will allow 4,000 manufacturing jobs to stay in the area, but won't add any new positions, the Free Press notes, per a company spokesman.
  • Missouri was competing with other states to keep and expand the plant, which will manufacture the Chevrolet Colorado and GMC Canyon. The Missouri legislature passed a bill allowing GM to receive up to $50 million in tax credits over 10 years if the company invests $750 million to expand the Wentzville plant. The company did not provide additional details on the tax credits.

Go deeper: Auto workers union reaches tentative deal with GM to end labor strike

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Detroit is pouring its money into American manufacturing operations

Illustration: Sarah Grillo/Axios

Detroit automakers are facing technological disruption, whipsawing government policies and economic uncertainty.

Driving the news: Just-completed labor contracts between Detroit automakers and the United Auto Workers union yielded $22.7 billion in planned investment in U.S. factories over the next four years, adding or securing 25,400 jobs.

Go deeperArrowDec 20, 2019

Tesla reports record 112,000 deliveries in 2019's 4th quarter

Tesla headquarters in Silicon Valley. Photo: Smith Collection/Gado/Getty Images

Tesla announced Friday that it produced almost 105,000 cars in 2019's fourth quarter and delivered roughly 112,000 — both records for the Silicon Valley electric automaker.

Why it matters: The deliveries substantially beat Wall Street estimates and enabled the company to meet its "ambitious" year-end sales goals, per CNBC.

Go deeperArrowJan 3, 2020

U.S. economy adds 145,000 jobs in final report of 2019

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 145,000 jobs in December, the government said on Friday, below economists’ expectations of 160,000. The unemployment rate held at 3.5% — a 50-year low — while wages grew 2.9% from a year earlier, the smallest gain since July 2018.

Why it matters: The U.S. job market held up in the final month of 2019, but heads into the election year with a slowing pace of job creation and wage growth.

Go deeperArrowJan 10, 2020