GM Canada to invest $834 million in r&d
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TORONTO (Reuters) -- General Motors said today it plans to increase research and development in Canada significantly by 2016, meeting a commitment to boost those activities as part of the automaker's 2009 government bailout.
GM will spend $750 million over the next five years, or $150 million a year until 2016, GM spokeswoman Adria MacKenzie said.
Most of the funds will be spent on environmental technologies and reducing vehicle weight, GM said.
In 2009, when it received $10.5 billion (Canadian) from the federal and Ontario governments, GM promised to spend about $1 billion between then and 2016 on research and development in Canada.
GM said today it will now invest $834 million (C$850 million) in automotive research and development in Canada between 2009 and 2016.
The money will go towards improving the innovation and competitiveness of Canadian automotive suppliers, funding start-ups and investing in new types of automotive technology, GM Canada said in a statement.
The announcement was made at GM Canada's regional engineering center in Oshawa, in southern Ontario, and attended by Canadian Prime Minister Stephen Harper and Finance Minister Jim Flaherty.
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