General Motors Co., facing pressure from President-elect Donald Trump to boost hiring, plans to announce on Tuesday it will invest $1 billion in U.S. plants over several years, according to a person familiar with the matter.
The largest U.S. automaker expects to add or retain 1,000 jobs at several existing facilities, said the person, who asked not to be identified because the matter is private. The investment announcement, which is being accelerated amid pressure from the president-elect, is related to building products that were in the works and approved before Trump won the election in November, the person said.
GM becomes just the latest automaker to announce U.S. factory investments in response to Trump. Rivals Ford Motor Co. and Fiat Chrysler Automobiles NV said this month they’ll spend on U.S. plants after Trump threatened for months to slap Mexico-built vehicles with a 35 percent import tax. Carmakers are eager to cooperate with the incoming administration as they prepare to ask for favors including weaker fuel economy rules and lower corporate taxes.