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General Motors (GM)_said it will invest $500 million in the US to build a new compact car that will compete in an era of high petrol prices.
Company chairman and CEO Rick Wagoner announced the size of the investment at the Lordstown factory near Cleveland.
GM announced in June that the Lordstown factory would be retooled to make the new Chevrolet Cruze compact. The $500 million investment includes $350 million in Lordstown.
The company also will build one-litre to 1.4-litre four-cylinder petrol engines for the Cruze at a new factory to be built in Flint, Michigan. The Cruze will be launched in Europe and Asia next year.
