GM Pledges $850M Investment In Canada Through 2016

staff
July 24, 2012 05:09 PM

Share This:

Prime Minister Stephen Harper speaks at the General Motors Plant in Oshawa, Ontario on Tuesday July 24, 2012. GM Canada says it will invest $850 million in Canadian research and development at its complex in Oshawa, Ont., as part of its obligations under the 2009 bailout.

General Motors says it plans to invest $850 million in Canada for research and development.

The company says it began spending the money in 2009 and will continue to invest until 2016. Much of the money will go to a research center in Oshawa, Ontario.

GM didn't say how many jobs the investment would create or how much it has spent since 2009. Messages were left for a spokeswoman.

The announcement comes a month after GM decided to close a factory in Oshawa next year, cutting 2,000 jobs. The Canadian and Ontario governments still have a $7.7 billion stake in GM as a result of government bailouts of the auto industry.

GM says it will expand research in lightweight materials, software and communications at the Oshawa center.