Vice President Joe Biden is set to make a "major announcement" on Tuesday at General Motors' Boxwood plant in his hometown of Wilmington, Del.

A White House release said the announcement is regarding the future of the plant. The event will be held several months after the federal government helped ease the struggling General Motors out of bankruptcy. The company entered bankruptcy in June after years of losses and declines in market share.

The U.S. government bought billions of dollars in stock to the company in an effort to buoy the U.S. economy at a time of great instability. President Barack Obama had promised to help turn the company back into a competitive force in the auto industry.

Gov. Jack Markell (D-Del.) will appear with Biden at the 10 a.m. event, which is open to the press.