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Canada to support GM multi-billion-dollar investments in two plants – Reuters.com

OTTAWA, April 3 (Reuters) – Canada on Monday w…….

OTTAWA, April 3 (Reuters) – Canada on Monday will announce its support for General Motors Co’s (GM.N) multi-billion-dollar investment in two plants, including one that will produce electric commercial vehicles (EVs), a government source said.

Both the federal government and Ontario’s provincial government will invest in the two GM plants in Ingersoll and Oshawa, said the source, who provided no further details and was not authorized to speak on the record.

Industry Minister Francois-Philippe Champagne and Ontario Premier Doug Ford will make an announcement about “an important investment in the future of Canada’s automotive manufacturing sector” at 11 a.m. EST (3 p.m. GMT) on Monday, according to a statement.

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GM Canada declined to confirm or comment.

GM said early last year it would invest C$1 billion ($799 million) to convert its CAMI Assembly Plant in Ingersoll, Ontario, to produce its BrightDrop EV600 commercial delivery vans.

Toward the end of last year, GM reopened its Oshawa plant – after it had been shuttered for two years – to produce the Chevrolet Silverado pickup.

Canada is trying to safeguard the future …….

Source: https://www.reuters.com/business/autos-transportation/canada-support-gm-multi-billion-dollar-investments-two-plants-2022-04-03/

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