TORONTO -- General Motors of Canada is set to unveil a $2 billion investment package for its Canadian operations, a Canadian newspaper reported Tuesday.
The Globe and Mail newspaper said the funding, set for Wednesday, will include a major boost to its r&d spending in Canada.
The announcement comes after GM Canada, an arm of General Motors, reached a deal with both the Ontario and federal governments for more than $323 million in financial assistance to bring flexible manufacturing to its two car plants in Oshawa, a new product line to its St. Catharines engine plant and r&d investments worth about $109 million at a number of universities.
The cash infusion ensures the future for about 10,000 GM Canada employees and could lead to a third shift at one of the plants, the newspaper said.
This is the second major announcement by a Canadian automaker in the past six months. In October, Ford Motor Co. of Canada announced a $806 million assembly plant and research center for its Oakville, Ontario, operations. The Ontario and federal governments contributed $161 million to the project.