• Sep 10th 2008 at 8:32AM
  • 8
Fresh from the news that Ford would be investing cash into its Canadian facilities, our friends north of the border got even more good news, this time from GM. The General is investing $290 million in all, including $245 million at its St. Catharines plant, which will make six-speed transmissions. The move will ensure the employment of the 300 workers at the facility. GM also plans to invest $40 million for environmental research at its Canadian engineering center in Oshawa. GM also announced that it would be building a hybrid vehicle at its Oshawa car plant at an undisclosed future date.
The Canadian government is showing its gratitude by not requiring early payment for $200 million in loans that is owed by the General. The loan was triggered early when GM announced the closure of its Oshawa truck plant, meaning the General wouldn't meet minimal employment targets.

[Source: Tradingmarkets]

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    • 1 Second Ago
      • 6 Years Ago
      What do you mean by "north of the border"? This is the Internet. There are no borders.
      • 6 Years Ago
      Hey, i am all for it. I mean after all Canadians are ALMOST Americans.

      "GM also announced that it would be building a hybrid vehicle at its Oshawa car plant at an undisclosed future date."-----------When GM reached a deal with UAW few months ago, didn't the deal include a commitment from GM to build most hybrids in USA?

        • 6 Years Ago
        No Welfare for GM

        You genius, really. You are. Wow.

        I'm thinking you were trying to be funny but you do understand North America and South America right?
        Canadians, residends of the United States of America, Mexicans, and a few others are Americans.

        It's a continent.

        So Canadians are not almost Americans, they 100% fully are. I think you ment that Canada is almost part of the USA and in many allied counties things seem that way.

        However they are very different places with a border.
        • 6 Years Ago
        Although I love my American neighbours and friends dearly, I am very proud of the fact that Canadians are NOT almost Americans. We are very different in so many ways, and I for one would never want to lose those differences.....except maybe the French only signs and language in Quebec thing.
      • 6 Years Ago
      What this says to me is GM blinked. They thought they could get away with screwing the Ontario and Canadian governments after taking bailouts and then closing a huge plant. It was mostly a short sighted panic based on the surging Canadian dollar that they made the mistake of thinking they could do without too much fuss and blame it on the economy. Unfortunately for GM it was a huge PR blunder in Canada and neither the Federal nor Provincial governments were in a forgiving mood. Now there is an election in Canada right now and GM didn't want to become an election issue so they decided to cave. Not a bad decision. The Canadian market is the size of California and GM's Oshawa plant has a history as the best GM plant for quality. This is a good move for all parties though governments would do well to not trust anything from GM even if it is in writing.
        • 6 Years Ago
        The population of Canada is the same as California, but the size of the market (in expenditures) isn't quite the same. At least historically the standard of living in Canada has been lower than that of the US, while California's is above the average.

        I bet the rise in the Canadian dollar has closed some of this gap though.
      • 6 Years Ago
      Just in case anyone thinks I am in anyway hostile towards the US, let me assure you that the exact opposite is true.
      My wife and I have traveled through every US state (including Alaska and Hawaii) on summer roadtrips and we loved every mile and all the American friends we have acquired.