General Motors plans to invest about $1.5 billion to expand its operations in North America in 2013, Mark Reuss said today at an industry conference.
Reuss, president of GM North America, said more details will come soon regarding where the money will be spent and how many jobs it may create. He spoke after a dinner at the Automotive News World Congress in Detroit.
GM and most forecasters expect U.S. consumers to buy 15 million to 15.5 million new vehicles in the U.S. this year. That will require more production.
Reuss also said he can envision a day when “we have an affordable electric car that offers 300 miles of range with all the comfort and utility of a conventional vehicle.”
GM revealed the all-new Cadillac ELR, which is based on the same plug-in electric powertrain as the Chevrolet Volt, on Tuesday. The ELR can travel 35 miles on electricity before a gasoline engine kicks in.
“I believe, and we at GM believe, that the public will accept and embrace electric vehicles,” Reuss said.
Reuss said GM will continue investing $8 billion in annual product development and focusing on maximizing profits by not producing more cars and trucks than it can sell.
“For the most part, people are buying our vehicles because they’re great vehicles, not because there’s a gift basket full of cash on the hood,” he said.
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