August 18, 2013

Auto Briefs

GM to make factory upgrade; young buyers are coming back

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(The Associated Press)

GM invests in factory to add 2 new vehicles
General Motors plans to spend $167 million on its Tennessee factory in Spring Hill (shown) so it can build two new midsize vehicles. The investment is on top of a previously announced $183 million investment. The spending is expected to create or keep 1,800 jobs. The company wouldn't identify the new vehicles, but there is speculation that they'll be new versions of the Chevrolet Equinox and GMC Terrain crossover SUVs.
The Associated Press




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(Thinkstock)

Young people slowly returning to buying
The auto industry says people under age 35 are gradually starting to buy cars again as their economic circumstances improve after the Great Recession, according to Polk auto-research data presented at an industry conference last week in Michigan. Five years ago, those age 18-34 accounted for more than 14 percent of new-car buyers. That slipped to 10.5 percent in 2011, but grew to 12.3 percent last year. "I don't see any evidence that young people are actually losing interest in cars," says Mustafa Mohatarem, General Motors' chief economist.
The Associated Press

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