General Motors will invest $1 billion in Mexico's manufacturing industry in the next two years.

General Motors announced on Wednesday that it will invest $1 billion in Mexico over the next two years for local production operations, calling it a sign of the company's "long-term commitment" to the country. General Motors said it will focus on projects targeting domestic demand, as it holds over 12% market share in Mexico. US President Trump said on Tuesday that the trilateral trade agreement reached with Mexico and Canada is "irrelevant" and the US "does not need cars made in Mexico." General Motors CEO Mark Reuss stated on Tuesday that the car manufacturer's supply chain "runs through all three countries."