UPDATE 1-GM says to invest $691 mln on Mexican expansion
MEXICO CITY, June 26 (Reuters) - General Motors Co plans to invest $691 million to expand operations in Mexico, GM Mexico's President Ernesto Hernandez said on Wednesday.
Hernandez said the investment included a new plant in Silao in central Mexico to produce 8-speed transmissions as well as an upgrade to an existing facility in San Luis Potosi that will make new-generation transmissions.
The investment will boost employment and development in Silao, San Luis Potosi and Toluca, Hernandez said.
GM, which has operated in Mexico for 78 years, has the second largest vehicle output in Mexico after Nissan, according to the Mexican Auto Industry Association.
GM said in January it would invest $1.5 billion in its North American plants this year.