Canada is expected to announce today its support for a multibillion-dollar investment by General Motors Co (GM) in two plants. One of them will produce electric commercial vehicles, according to a government source.
Both the federal government and the local government in Ontario will invest in GM’s two plants in Ingersol and Osawa, according to the same source, who did not give further details and was not authorized to make official announcements.
GM Bell, vice president of GM for Global Chevrolet, Canadian Federal Minister of Industry François Philip Sampan and local Ontario Prime Minister Doug Ford will make a statement on “a major investment in the future of the Canadian car industry.” The announcement is expected today from a GM vehicle test site in Osawa, according to General Motors, which did not release further details.
GM announced early last year that it would invest 705.8 million euros in converting its plant in Ingersol, Ontario, into a production unit of the BrightDrop EV600 commercial electric vehicle.
At the end of 2021, GM reopened its Osava plant, which had been closed for two years, to produce the Chevrolet Silverado SUV.
Canada is seeking to secure the future of industrial production in Ontario, as global efforts are being sought to reduce harmful gas emissions by investing in the supply chain for electric vehicles.
Ontario is geographically close to the U.S. auto industries in Michigan and Ohio, including GM.
Last month, GM and South Korea-based POSCO Chemical announced they would build a € 362.04 million industrial plant for the production of battery materials in Canada, as the automaker reportedly accelerates its plans to produce mainly electric vehicles in the future.
GM plans to have a capacity of one million electric vehicles in North America by the end of 2025.
SOURCE: AMPE
Source: Capital
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