General Motors Co.’s Orion Township, MI, plant will draw $145 million in investment, as the auto maker retools the shuttered facility for its Chevrolet Aveo replacement and a new compact sedan for Buick called the Verano.

GM indicated in June it would build its next-generation B-car at Orion, but today’s announcement is the first confirmation that a small car for Buick would be added into the mix.

It is unclear whether the new Chevrolet model still will be called the Aveo. The current car is imported from South Korea.

The investment retains 1,550 hourly and salaried jobs at Orion and another 120 positions at the nearby Pontiac Metal Center stamping plant in Pontiac, MI.

GM says total investment in the Aveo replacement and Verano is about $600 million, GM says.

Orion ended production of Chevrolet Malibu and Pontiac G6 midsize sedans in November 2009. Retooling to produce the new models is targeted for completion in summer 2011.