GM announces $500M investment for small car

Chevrolet North America Vice President Ed Peper said in a statement that GM can't make Cobalts quickly enough.

"Our dealers are asking for many more Cobalts than we can build," he said.

The Cobalt's success prompted GM to add the third production shift and 1,400 jobs--the largest hiring since Lordstown opened in 1966. The complex will employ about 4,300 hourly workers and roughly 300 salaried workers.

GM has released little information on the new Cruze, which officially will debut in October at the Paris Motor Show.

It will be about 15 feet long, almost identical to the Cobalt. But GM said the Cruze will make better use of its interior space, offering more room for five passengers and cargo.

Whether or when the Cobalt and G5 might cease production has yet to be determined, GM has said.

Shares of GM shed 24 cents, or 2.4 percent, to $9.92 Thursday.