Canada to support GM’s multi-billion dollar investments in two factories

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

The federal and Ontario provincial governments 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 officially. .

Scott Bell, GM Vice President, Global Chevrolet, Canada’s Federal Industry Minister Francois-Philippe Champagne and Ontario Premier Doug Ford will make an announcement regarding “a significant investment in the future of Canada’s automotive manufacturing sector” at 11 a.m. EST (1500 GMT) on Monday, according to a statement.

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The announcement will take place at a GM vehicle test track in Oshawa, the company said. GM declined to comment further.

GM announced early last year that 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.

Late last year, GM reopened its Oshawa plant – after it had been closed for two years – to produce the Chevrolet Silverado pickup truck.

Canada is trying to protect the future of its manufacturing heartland in Ontario as the world looks to reduce emissions by investing in the electric vehicle (EV) supply chain.

Ontario is geographically close to American automakers in Michigan and Ohio, including GM.

Last month, GM and South Korea’s POSCO Chemical (005490.KS) announced they would build a $400 million plant to produce battery materials in Canada as the automaker ramps up production plans for primarily electric vehicles (EV) in the future. Read more

GM plans to have the capacity to build 1 million electric vehicles in North America by the end of 2025.

($1 = 1.2518 Canadian dollars)

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Reporting by Steve Scherer; Editing by Daniel Wallis and Chizu Nomiyama

Our standards: The Thomson Reuters Trust Principles.

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