General Motors
Company(NYSE:GM) said late Thursday it planned to spend about $220 million to
make the next generation of its Chevrolet Cruze compact cars. The investment
will be made in upgrading the equipment at its two Ohio factories where the
cars are manufactured.
The investment in
new equipment as well as upgrading it will ensure that the preservation of more
than 5,000 jobs at factories in the said two factories, the company said.
The
next-generation Chevy Cruzes, that are expected to be due in the fall of 2014 and
sold as a 2015 model, will be the first vehicle to use a new GM global platform
that could be the basic platform for nearly 2.5 million compact sedans and
crossovers a year by 2018.
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The new Cruze will
have a fresh styling, nicer interiors and better fuel economy compared to the
versions on sale now. The Cruze now gets
35 to 42 miles per gallon on the highway depending on engine and transmission.
The Chevy Cruze is
GM's second-best selling car with nearly 129,000 sold so far this year.
The Lordstown
factory complex has built 500,000 Cruzes since production began in September of
2010.
Meanwhile, Nokia Corporation
(ADR)(NYSE:NOK) plans to partner Verizon Communication to
sell its new Lumia phones running on Microsoft’s Windows
phone 8 operating system. The new phone is expected to be unveiled on September
5, when Nokia has planned a media event jointly with Microsoft.
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Here
A
collaboration between Nokia and Verizon is welcome news for the Finnish handset
maker as this means that it will have three of the top four U.S. carriers under
its stable, offering Lumia handsets. For Verizon it will increase the number of
smartphones in its garage and reduce its dependence on Apple and Android-based
phones.
Shares of NOK soared 11.11% to 3-month high
of $3.20 on Thursday, extending its weekly gains to 16%.
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