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. Last Updated: 07/27/2016

GM Cuts St. Pete Production Target

General Motors will invest $300 million to produce 70,000 units per year at its future St. Petersburg plant, the carmaker said, in a change to previous production plans.

The production target is 30,000 units fewer than announced last month, when GM Europe president Carl-Peter Forster said output at the plant would be expanded to 100,000 units, up from the 40,000 units originally announced, Reuters reported.

At the plant's groundbreaking ceremony last June, the company said it would invest an initial $115 million to assemble 25,000 Chevrolet Captiva sports utility vehicles per year and a next-generation compact car later.

"There is a possibility to raise the capacity to 100,000 units but there's no decision for the time being," Agnes Rona, a Moscow-based spokeswoman for GM, said on Friday, explaining the latest revision.

The assembly plant is expected to go into production in late 2008.