Benzinga - by Anan Ashraf, Benzinga Editor.
Detroit-based automaker General Motors Co. (NYSE:GM) announced Monday it will relocate its global headquarters to a new downtown Detroit building in 2025. Unlike rivals Ford and Chrysler, GM remains committed to the city.
What Happened: GM’s new headquarters at Hudson’s will be located just a few blocks from its current headquarters at Renaissance Center. This move marks the automaker’s fourth headquarters location in Detroit since 1911.
"We are proud to remain in the city of Detroit in a modern office building that fits the evolving needs of our workforce, right in the heart of downtown," said GM Chair and CEO Mary Barra.
The new building will provide ample space for its teams as well as showcase areas for GM vehicles, she added.
The company has entered into an initial 15-year lease for several floors of the building, including showcase space on the street level for GM vehicles, according to a company statement.
Why It Matters: The Big Three automakers – Ford, General Motors, and Chrysler – were all previously headquartered in Detroit, earning the city its nickname “Motor City.”
Ford and Chrysler have since moved their headquarters to Dearborn and Auburn Hills in Michigan, respectively. With this move, GM will be the only remaining automaker with its headquarters within Detroit city limits.
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