General Motors announced Thursday that it will restore up to 1,400 cars at two American steel carport facilities in Michigan, the first major U.S. facility to receive this kind of assistance.
General Motors will spend up to $1.5 billion on the projects, which include restoring up to 100,000 cars in the two Detroit-area facilities.
The two companies will each work with the National Park Service and the Michigan Department of Natural Resources to restore up a total of 4,600 cars.
General Motor said that it has been working closely with the parks since late April to ensure the cars’ safe and soundment and to ensure they are maintained in the best possible condition.
The restoration efforts will also include an inspection program, and the company said that all of the cars will be fully insured, with coverage available through the National Parks Service.
The cars were made in the 1920s and 1930s and are considered one of the largest surviving American cars, according to the National Museum of American History.
In addition to the cars, General Motors is also restoring other steel car sites in Michigan.
For instance, the company is restoring the carports at Ford’s Dearborn, Mich., plant in Detroit and at the Toledo, Ohio, plant in Toledo.
Ford said in March that it is restoring up a car to 300 feet and has plans to restore another 250 cars at the Dearborn plant.
The Dearborn and Toledo plants will receive a total restoration of 1,500 cars, which will include 1,000 new and used cars.
Related Coverage US steel car parts suppliers report record production in 2017, says Ford spokesman: More than 3,500 vehicles return to US Ford Motor Company reported its second-quarter profit of $2.07 billion, or $2 per share, on revenue of $51.6 billion.
The company also reported a 9% increase in the sales of electric vehicles to consumers.
Ford expects the company’s first full-year profit of more than $6 billion to be earned in 2021.
General Motors has been a major contributor to Detroit and has been making progress in building its factory in the city.
General Dynamics Corp. and Pratt & Mathews Corp. have both been working with the city and city officials to complete the plant, and General Motors has signed a $2 billion bond to help finance the project.
Read more: http://www.usatoday.com/story/news/technology/2017/08/27/michigan-carport-restoration/86578201/ ______________________________________________________________ General Motor Co. (NYSE:GM) NASDAQ:GM, +0.36% is the world’s largest automaker, and its fleet includes some of the most popular cars in history.
GM also makes a number of high-performance vehicles, including the Chevy Cobalt, the GMC Sierra, the Cadillac ELR, and GMC Acadia.
The automaker is best known for its Chevrolet and GM brand vehicles, and has recently acquired GM’s Cadillac brand.
GM is also the world leader in small-car production.
The company is based in Lansing, Mich.
GM began as a carmaker in the U.K. in 1921.
In the 1980s, the Detroit-based automaker started manufacturing its first vehicles, but was bought by General Electric (GE) in 1998.
In 2003, General Electric bought GM, and in 2010 the company bought the Detroit automakers for $6.8 billion.
GM’s current stock price is $59.85.
GM has approximately 9,600 employees worldwide.
_______________________________________________________ General Dynamics Corp (NYSE;GD) NYSE:GD, +1.12% General’s largest company is focused on creating the next generation of vehicles.
Its flagship model, the Humvee, is the backbone of the company.
General is the only car manufacturer in the United States that offers both diesel and electric vehicles.
The firm has a large number of electric vehicle offerings, including Chevrolet’s Bolt EV, the Chevy Volt, the Tesla Model S, the Nissan Leaf, and more.
GMC has been building out a portfolio of new products and technology that will help its company compete with Tesla Motors Inc., Ford Motor Company, and other automakers.
A year ago, GM announced that it would sell its share of Tesla Motors in order to build an electric-vehicle business, while also offering more and better access to its own manufacturing facilities.
While GM has yet to offer an electric vehicle, it has also begun to develop its own battery technology.
GM has announced plans to build its first battery factory in Michigan that could be operational in 2019.
In 2018, General Motor sold off its stake in General Dynamics, a division that developed the Hummer and F-150 trucks, to the private sector.
Ford is also building a battery plant in Michigan and is planning to invest in other battery production.