NEW YORK (TheStreet) -- General Motors (GM) shares are up 1.2% to $32.36 on Thursday after the U.S. auto company announced plans to invest $5 billion by 2018 to expand four of its plants in Mexico.
GM is one of Mexico's leading auto makers and the company said it plans to double capacity at plants in the states of Coahuila, Guanajuato, Mexico, and San Luis Potosí, which in turn will create 5,600 direct jobs at the company and thousands more for its suppliers.
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The company said it has already invested $1.4 billion in the project since 2013 and plans to invest another $3.6 billion over the next four years.
Separately, the company announced earlier this week plans to lay off 450 workers at one of its Lansing, MI Cadillac plants in an effort to reduce inventory. TheStreet has further coverage of that news here.
TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."