GM investing $117M at Oshawa
General Motors is investing $117 million to prepare its Oshawa, Ont., plant to build its new Cadillac XTS.
The automaker said Thursday the move will create or retain 400 jobs on the assembly line.
"This investment further extends the capabilities of the award-winning Oshawa assembly plant and pays compliment to the achievements of its dedicated workforce, one that consistently strives for excellence," General Motors of Canada president Kevin Williams said.
The factory builds the Chevrolet Camaro, Impala, Equinox and Camaro Convertible as well as the Buick Regal and employs more than 4,500 people.
The announcement came the same day the U.S. parent company, General Motors Co., reported its second-quarter profit nearly doubled to $2.5 billion US as it got higher prices for its cars and trucks worldwide.
The company earned $1.54 per share, compared with 85 cents per share in the same quarter a year earlier. Revenue rose 19 per cent to $39.4 billion.
The U.S. government still owns a third of GM's shares as a result of its $50-billion US bailout of the company in 2009. At current share prices, the government stands to lose about $14 billion on its investment. The Canadian and Ontario governments are also minority shareholders in the automaker.
With files from The Canadian Press
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