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Home DEALS

General Motors To Invest Nearly $800 Million In Canadian Plant To Manufacture Electric Vehicles

by Shaheer Ansari
January 16, 2021
in DEALS
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General Motors To Invest Nearly $800 Million In Canadian Plant To Manufacture Electric Vehicles

General Motors and the trade union Unifor said on Friday that they had reached an agreement for car manufacturers to invest almost C $ 1 billion ($ 785.42 million) at its CAMI Assembly Plant in Ingersoll, Ontario, to make electric vans.

Under a pilot agreement, which is yet to be approved by union workers, GM has agreed to start massive commercial production of the EV600, an electric van, at its CAMI plant, Unifor said in a statement.

Work Would Begin Immediately

Car company Detroit said in a separate statement that work would begin immediately at the factory.

The new agreement was formed with GM’s recent investment in Canada, which in November had agreed to invest C $ 1 billion in its Oshawa plant to increase the production of its full trucks. [nL1N2HR1SK]

The Canadian government has accepted the agreement and said it will confirm its support as soon as union members accept the agreement.

“We await the results of the ratification vote,” Canadian Foreign Affairs Minister François-Philippe Champagne said in a statement.

Unifor, Canada’s union for hourly workers, said more details on the deal would be presented to union members at an online meeting scheduled for January 17, the results of which should be released later in the day.

Synopsis

General Motors and the trade union Unifor said on Friday that they had reached an agreement for car manufacturers to invest almost C $ 1 billion ($ 785.42 million) in its CAMI Assembly Plant in Ingersoll, Ontario, to manufacture commercial electric vans.

Under a pilot agreement, which is yet to be approved by union workers, GM has agreed to start massive commercial production of the EV600, an electric van, at its CAMI plant, Unifor said in a statement

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Tags: General Motors Company
Shaheer Ansari

Shaheer Ansari

Shaheer is passionate about living a life seeking un-ending knowledge, philomath, as you may think of him. He's a student of Finance and a keen observer of Business and Indian-Political scenario who takes pleasure to pen down his views and opinions on the same. As his guiding mantra to life, ‘Come what may , life goes on’ helps.

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