GM investing $55.7M in Toledo plant for fuel efficient vehicles

The Powertrain Toledo Plant will produce an all-new, advanced 8-speed automatic transmission for GM.

Updated Video: General Motors announced today the company will invest nearly $332 million in four manufacturing sites, including one in Toledo, to produce more fuel-efficient engines and transmissions.

According to a press release, the $55.7 million investment in the Powertrain Toledo Plant will increase capacity and tooling to produce an all-new, advanced 8-speed automatic transmission and an existing 6-speed transmission. The Toledo-based 8-speed will be used in numerous GM vehicles by the end of 2016

GM plants in Flint and Bay City, Mich. and Bedford, Ind. will also receive millions for the venture.

â??We are investing in technologies and manufacturing capabilities that produce high-quality, fuel-efficient vehicles and components for our customers,â?? said Diana Tremblay, vice president of GM North American manufacturing, in a statement. â??Todayâ??s announcement demonstrates GMâ??s commitment to growing the business and strengthening the plant communities where we receive so much support.â??

GM is also increasing a previously announced powertrain investment in plants in Romulus and Saginaw, Mich. to $646 million â??an increase of $46 millionâ?? to support production of the new V6 engine. Combined, the two investments will retain about 1,650 jobs at six facilities, according to the company.

â??The selection of these plants and the opportunity for the United Auto Workers to build the next generation of engines and transmissions reflects the great efforts of our work force,â?? said UAW Vice President Joe Ashton, who directs the unionâ??s GM department. â??This investment goes a long way to ensuring GM remains a marketplace leader and our members can continue to support and share in the companyâ??s growth.â??