Canada to Support GM Multi-Billion-Dollar Investments in Two Plants
KONTAN.CO.ID - 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.
Baca Juga: Climate Change Could Cost U.S. Budget $2 Trln a Year by End Century -White House
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 of its manufacturing heartland in Ontario as the world seeks to cut emissions by investing in the electric vehicle (EV) supply chain.
Baca Juga: Exxon Mobil Gets Guyana's Approval for Fourth Offshore Oil Project
Ontario is geographically close to U.S. automakers in Michigan and Ohio, including GM.
Last month GM and South Korea's POSCO Chemical 005490.KS said they would build a $400 million facility to produce battery materials in Canada as the carmaker ramps up plans to produce mainly electric vehicles (EVs) in the future. Read full story
GM plans to have capacity to build 1 million electric vehicles in North America by the end of 2025.
