BOWLING GREEN, Ky. -

During the same week General Motors reported that it posted more than $3 billion in first-quarter net income, the automaker decided to invest $131 million in the Bowling Green Assembly plant to support production of the next generation Chevrolet Corvette, adding about 250 jobs.

“This is a significant day for anyone who believes that America should build world-class, high-performance products,” stated Mark Reuss, GM North America president.

“Corvette has no domestic peer for performance and pedigree and stands alongside the world’s best supercars with almost 60 years of continuous heritage,” Reuss continued.

“This investment in Kentucky is among $3.4 billion made in the United States since mid-2009 to keep or create more than 9,000 jobs for American workers,” he added.

The announcement came at an event held at the plant with employees and several special guests, including Gov. Steve Beshear. The governor last June signed a bill designating the Corvette as the official state sports car of Kentucky.

“Kentucky has a longstanding, mutually beneficial relationship with GM and this significant investment further demonstrates the strength of our partnership,” Beshear offered.

GM explained the plant in Bowling Green is scheduled to continue building the current generation Corvette for at least the next two model years, including the 2012 model year that begins this summer.

During this period, the automaker noted the investment starts to take effect, preparing the facility for the next-generation Corvette.

OEM officials pointed out Bowling Green is the exclusive manufacturing site of all versions of the Chevrolet Corvette — Coupe, Convertible, Grand Sport, Z06, and ZR1. Corvette’s current generation is the sixth in its 58-year history.

The company went on to mention nearly 400 production workers, represented by the UAW Local 2164, assemble these vehicles on a one-shift, 10-hour, Monday-through-Thursday production schedule. Managment also said the plant employs many specialized operations, including unique hand-crafted techniques.

According to GM, Bowling Green has been home to Corvette production since 1981.

“We need to rebuild the great American middle class. There is no better way to achieve this worthy goal than providing meaningful jobs like the ones being created in Bowling Green,” insisted UAW vice president Joe Ashton.

“Our members have earned this investment through their hard work focused on the Corvette customers’ unique desire for high performance, quality and style,” Ashton noted.

“I offer my congratulations to a great American Union Workforce, Local 2164, for a job well done,” he went on to say.

GM stressed the additional jobs will be filled in accordance with the United Auto Workers-GM National Agreement.

The automaker highlighted approximately 50,000 tourists visit the Bowling Green plant annually to catch a glimpse of the manufacturing process, some even watching their new vehicles being completed before taking delivery from the neighboring National Corvette Museum.

GM’s 1Q Financial Performance

As mentioned, GM reported this week that its first-quarter net income attributable to common stockholders came in at $3.2 billion or $1.77 per fully-diluted share, marking the company’s fifth consecutive profitable quarter.

The automaker determined revenue increased $4.7 billion to $36.2 billion, compared with the first quarter of last year.

“We are on plan,” GM chairman and chief executive officer Dan Akerson declared.

“GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth,” Akerson continued.

GM also pointed out it ended the quarter with strong total liquidity at $36.5 billion. Management determined cash and marketable securities stood at $30.6 billion compared with $27.6 billion at the end of the fourth quarter of 2010.

“GM has great potential to deliver profitable growth around the world as the recovery continues,” asserted Dan Ammann, senior vice president and chief financial officer.

“While we’re encouraged, we keenly recognize we have more opportunities to leverage our scale, improve spending and investment efficiencies, and optimize our strong balance sheet,” Ammann added.