AUGUSTA, N.H. — The company is adding $1 billion to its fleet of trucks and buses this year as the nation’s biggest automaker prepares to add $2 trillion to its payrolls over the next decade.
The announcement came at the annual meeting of the North American Industry Council, a trade group for the big automakers.
GM says it will add about 4 million jobs in the next five years.
Its $1.9 trillion workforce is expected to reach an all-time high of 890 million by 2040, the group said.
General Motors is expected by 2020 to add about 740,000 new jobs, about double the previous year.
Automakers have been making more cars in recent years and are spending more money on the vehicles as demand continues to rise.
Ford and Toyota are among the top 10 companies on Wall Street, with total revenues of about $18.2 billion and $17.9 billion, respectively.
About $4.6 trillion is expected from U.S. auto sales, up about 2 percent from a year ago.
“Our investment in our workforce and technology continues to drive us forward and to deliver great products for customers around the world,” said GM CEO Mary Barra, who will deliver the keynote address at the meeting.
While GM’s payrolls are expected to rise slightly, the company expects to increase its annual spending by $1 trillion over the coming decade.
That’s a boost to corporate profits, as GM has been spending more than ever to grow its business and expand its facilities.
Some analysts believe the company is already planning for an aggressive plan to ramp up its production in the U.N. arms race, but analysts don’t expect the company to add that much to its workforce.
Many analysts expect GM to continue making more trucks and vans over the long term.
The company’s $2,000 pickup truck, called the Chevrolet Traverse, is the largest seller in the United States, with more than 3 million sales in 2020, up from 1.2 million in 2019.
Also on the way is a Chevrolet Cruze SUV and a Chevy Impala.
In 2018, GM announced plans to buy another truck maker, Ford, and also announced a plan to expand its plant in Canton, Ohio, to produce parts for the new F-Series trucks and the Chevrolet Silverado.