Automakers have been buying factories and other plants for years to meet growing demand from consumers and governments around the world.
But the global market for parts has been stagnant for years, with many of the world’s biggest manufacturers, such as Toyota, Honda and Volkswagen, refusing to produce parts for other countries.
So when a deal between a Chinese company and a U.S. company, which makes parts for the Chevrolet Bolt EV, was announced, it seemed to be the perfect opportunity for automakers to finally produce parts in the U.K. and the U., which have been hard hit by the recession.
The deal, though, has left many workers angry and upset, and many economists say it will hurt the U, too.
The auto industry is worth an estimated $30 trillion, according to Bloomberg.
But that’s just a portion of what the Us. manufactures.
For example, GM makes more than half of all U.s. cars, and Ford, which owns Ford Fusion and Lincoln Navigator cars, makes a similar amount.
As part of the deal, General Motors will pay $3 billion in cash and stock to a U-K.
company that makes parts.
The Detroit-based company will use the money to upgrade its U.k.-based factories and hire more workers, who will help drive the U’s manufacturing jobs.
The GM-owned U-k factory, called U.UK, has about 600 workers, most of them in the UK, according the U-S.
Chamber of Commerce.
The U.ks. factory also has some capacity for building batteries and other parts for electric cars.
The factory has more than 1,500 employees, most working in the US.
Some of the Uks.
workers have been working for GM for nearly a decade, and the company will retain them, said Dave Williams, CEO of the Michigan-based General Motors Alliance.
GM said the UK factory will employ 1,300 people, most in the United States, who are employed full time.
GM also said the new factory will have “an estimated 500 permanent full-time equivalent jobs” in the country, with the company planning to add about 800 more jobs this year.
The union that represents GM workers called the deal “a sad day for our employees, and for the U.”
The union said the workers will not be allowed to speak with the media, but they will be able to sign a document stating they want to “participate in the collective bargaining process.”
But the workers said they were upset about the agreement’s terms and the possibility of the new U. k factory being shut down.
They also criticized GM for its role in the Flint water crisis, which caused widespread contamination in the city.
The workers have not had any pay raises in years.
A GM spokesperson said the company is committed to hiring more workers and making sure they are well-educated and supported, and will “continue to monitor and improve our plant’s quality control.”
The company said it has also invested $500 million to upgrade the plant, including installing more water-treatment systems and a new safety system.
“GM is committed in supporting the Uk’s workforce, and we have already invested in a new battery plant and will continue to invest in this important and important U.uk factory,” the statement said.
The unions said GM also is investing in infrastructure improvements, including an “energy-efficient water treatment system” and more fuel-efficient vehicles.
GM’s shares fell 3% in afternoon trading.
The companies deal has been widely criticized by labor groups, including the United Auto Workers, which called it “a massive corporate welfare giveaway to the auto industry.”
The UAW, which represents about 8.5 million workers in the world, is also calling for a new investigation into GM’s hiring practices.
The trade group said the deal should have been announced in October, as the companies’ stock price was up.
“The announcement that GM has agreed to pay a whopping $3-billion to buy the Ukyan-Kelowna plant is a huge giveaway to Big Business and a giant giveaway to workers,” UAW President Dennis Williams said in a statement.
“It should be a signal to other companies that they must be more transparent about their hiring practices.”
The deal has also drawn scrutiny from labor groups.
The American Postal Workers Union has been critical of the purchase.
“This is yet another example of corporate welfare at its worst,” union president Karen Lewis said in an emailed statement.
The new plant will replace a plant that used to produce some of the components for the Chevy Bolt EV.
GM says the new plant’s $2.3 billion investment will create 500 new jobs, which the company says will be offset by the job losses.
The company also said it is investing $1 billion to build an energy-efficient hydrogen fuel cell plant in China.
The $2 billion is part of GM’s plan to make batteries for electric