GM to build plant in Russia, invest $200 mln: report (Reuters)

[Up2Late]

(I'm going to take a wild guess that this will be a NON-Union Plant.)

GM to build plant in Russia, invest $200 mln: report

Mon May 29, 2006 03:22 PM ET

MOSCOW (Reuters) - General Motors Corp. (GM.N: Quote, Profile, Research) will build a new car plant in Russia and invest $200 million in the project, Russian Economy Minister German Gref said on Monday, Interfax news agency reported.

Gref told President Vladimir Putin that GM had signed an agreement with the Economy Ministry to build a factory outside the northern Russian city of St Petersburg. The factory will produce three car models, the agency said.

A spokesman for Russia's Economy Ministry said a deal with GM had been signed but declined to comment on the details.

Volkswagen (VOWG.DE: Quote, Profile, Research) signed a deal on Monday to spend 370 million euros ($472 million) to build an assembly plant in Russia's Kaluga region, the Russian Economy Ministry said.

(more at link)

<http://go.reuters.com/newsArticle.jhtml?type=businessNews&storyID=12359122&src=rss/businessNews>

[FloridaPat]

1. Where'd they get the money?

[NewJeffCT]

3. from the sale of GMAC

That was like over $10 billion, I believe. And, to a company with over $100 billion in revenues, $200 million is really not a lot to them.

[gristy]

5. I was thinking the same thing. $200M? This is supposed to be a big deal?

I don't think so.

[NewJeffCT]

2. And GE just announced investing $50 million in China

that investment was to develop alternative energy sources. I guess we can't do that here?

[Dr.Phool]

4. Tell me again why I should buy an "American"car?

10 years ago, I was looking to buy a new pick-up, so I went to the annual auto show to compare models in one setting.

Chevy's, motors made in Brazil, body parts made in Mexico, everything else mad in Malaysia. And the whole truck felt like it was ready to fall apart when you slammed the door.

Fuck that. I bought a Ford.

[IndianaGreen]

6. Buy a Honda Accord or a Toyota Camry or a Subaru

They are assembled in Ohio, Tennessee, and Indiana respectively, by UAW workers.

[billbuckhead]

7. By UAW workers?

I don't think so.

[IndianaGreen]

8. You right, UAW withdrew its attempt to unionize Honda in Ohio

It is doubtful that the Marysville workers would have voted a union in at all, and take a chance of joining their fellow UAW workers that saw their jobs being outsourced.

[OneBlueSky]

9. "As General Motors goes, so goes the nation" . . .

um . . . which nation would that be? . . .