gm commits to build more cars in canada
Last Updated : GMT 05:36:23
Arab Today, arab today
Arab Today, arab today

GM commits to build more cars in Canada

Arab Today, arab today

Arab Today, arab today GM commits to build more cars in Canada

Ottawa - Arabstoday

General Motors announced on Friday a C$68 million (Dh240.42 million) investment in an Oshawa assembly plant assigned to share building of its next-generation Chevrolet Impala car. The plant had already received a C$117 million infusion in August to build the American car company\'s new Cadillac XTS starting next year. The combined investments will create or retain approximately 750 jobs, and bring GM\'s commitment to build new vehicles in Canada to five [different models], according to the company. Recovery Article continues below \"This marks an important step forward in GM\'s recovery and underscores the continued strengthening of the North American auto sector,\" Canadian Finance Minister Jim Flaherty said in a statement. Last year, Canada sold nearly 20 per cent of its stake in General Motors, or 30.5 million shares, obtained as part of a government bailout of the auto sector in 2009. The US government had contributed $50 billion in emergency funds to GM while Ottawa and the province of Ontario provided C$9.5 billion to help the company stay afloat. Stock sale Canada and Ontario raised almost C$1.2 billion in the stock sale, drawing down their combined stake in the company from 11.7 per cent to about 9 per cent. GM\'s Oshawa plant recently launched the Buick Regal, Chevrolet Camaro Convertible and Chevrolet Equinox, adding two new shifts. Its Detroit-Hamtramck assembly plant will also build the new Impala, expected to be a hot seller.  

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