General Motors Company (GM - Free Report) has decided to add a third shift and 650 employees to its manufacturing facility at Spring Hill. The additional workforce will help to raise the production of the recently launched Cadillac XT5 and GMC Acadia. The staffing details and positions will be filled from this quarter, and the new shift is expected to start from Jan 2017.
Both car models that are scheduled to be produced at the facility have been performing well in terms of sales. The demand for both has been growing, prompting the company to raise production at Spring Hill.
General Motors’ Spring Hill Manufacturing plant is spread across 2,100 acres in Spring Hill. The site currently consists of a flexible vehicle assembly plant, inclusive of a body shop, paint shop, two polymer injection molding operations and general assembly, as well as an engine plant. There are currently 3,300 hourly and salaried employees at the facility. The area around Spring Hill is expected to benefit from this additional workforce.
General Motors has announced investments of over $2 billion for the Spring Hill Manufacturing facility since 2010. A $148 million investment was also announced in February to repurpose machining and assembly tools to manufacture truck engines. The facility recently expanded the engine plant production which is part of a $788.7 million investment announced in April.
General Motors currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include The Goodyear Tire & Rubber Company (GT - Free Report) , Tata Motors Limited (TTM - Free Report) and SORL Auto Parts, Inc. (SORL - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Goodyear Tire has seen its earnings estimates move north over the last 60 days. Also, the company posted positive earnings surprises over the last four quarters, with an average of 10.28%.
Tata Motors has a long-term expected growth rate of 3.6%.
SORL Motor Parts has posted an average positive earnings surprise of 7.46% over the last four quarters.
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