General Motors announced today that it is investing $5.4 billion over the next three years to expand and upgrade its US production facilities.
This round of capital investments is expected to put the automaker's domestic factories in a better position to handle upcoming new models GM is set to release in the coming years.
Thus far, details for only a small portion of the multi-billion dollar investment have been released with $783.5 million headed to a trio of Michigan plants.
Of that total, $520 million will be allocated to the Delta Township assembly plant for new tools and equipment, $139.5 million will go to the expansion of the Warren facility, and $124 million will be slated for the Pontiac Metal Center.
"These investments are evidence of a company on the move, strategically investing in the people, tools and equipment to produce cars, trucks and crossovers that are built to win in the marketplace, with stunning design, quality and breakthrough technologies," GM North America president Alan Batey said in a statement.
According to GM, the $5.4 billion breaks down roughly to an investment of $5 million per day or $150 million per month over the next three years.
Since 2009, General Motors has invested almost $17 billion in its US factories.
Further details on the remaining $4.6 billion will be released over the next few months.
On a conference call this week after GM released first-quarter earnings, executives said that the company is running close to full capacity for the production of several vehicle segments.
The car maker told analysts that it doesn't want to add capacity - build new factories - but rather add shifts and increase overall efficiency.
In GM's announcement on Thursday, there was no mention of revamping the automaker's full-size pickup trucks to make use of more aluminum in the construction process. Ford recently debuted a new F-150 pickup that substitutes aluminum for steel, a move that was widely considered to be a big risk by auto industry observers.