Canada to invest C$518 million in two GM plants in Ontario By Reuters


© Reuters. FILE PHOTO: FILE PHOTO: Chevrolet Equinox SUVs are parked awaiting shipment next to the General Motors Co (GM) CAMI assembly plant in Ingersoll, Ontario, Canada October 13, 2017. REUTERS/Chris Helgren/File Photo/File Photo/File Photo

(Reuters) -General Motors Co will receive support worth C$518 million ($414.96 million) from Canada toward its multi-billion dollar investments in its two plants in Ontario, including one that will produce electric vehicles, the country’s government said.

Both the federal government and Ontario’s provincial government will invest C$259 million each as part of GM’s C$2 billion-plus investment at its Oshawa plant and CAMI assembly plant at Ingersoll.

The C$2 billion commitment includes a C$1 billion investment at the Ingersoll plant that was announced last year, GM said on Monday.

Reuters on Sunday reported Canada was expected to announce its support for the automaker’s two plants in Ontario, as part of its investment in the future of the country’s automotive manufacturing sector.

Following the government investment, GM’s CAMI plant will be converted into the country’s first full-scale EV production facility where its BrightDrop vans will also be made, GM said in a statement on Monday. (https://

GM said a third shift at the Oshawa assembly plant would be added in the coming months, creating a total of 2,600 new jobs at the plant.

Last month, Honda Motor Co said it would invest C$1.38 billion over six years to upgrade its plants in Ontario as the automaker gears up to make its new hybrid SUV for the North American market.

($1 = 1.2483 Canadian dollars)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*