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Financial News Network
July 12, 2011 AT 11:32 PM
General Motors (NYSE:GM) announced Powertrain plants in Ohio and Indiana that make transmissions for Buick and Chevrolet car models with e-Assist fuel saving technology will get the bulk of a $129M investment.Cathy Clegg, GM vice president of labor relations said, "GM continually assesses its product offerings and makes adjustments to meet consumer demand. GM is moving quickly to get more fuel-efficient technologies into our vehicles to benefit the consumer, and these investments are an example of the speed with which we are responding."The money is part of $2B being invested in 17 facilities in eight states over the next 18 months and will generate or retain 4,000 jobs.At the plans in Toledo, Ohio and Bedford, Indiana, it is a second helping of investment since last May, bringing the total investment of the plants to $287M and $81M respectively.General Motors has a potential upside of 41.6% based on a current price of $30.76 and an average consensus analyst price target of $43.55.