Two pieces of good news surfaced yesterday for the Canadian economy, jobs and national pride. At a time when positive news it at a premium, we’ll take what we can get!
Toyota announced investment of over $100 million at their Cambridge, Ontario plant to boost production of the Lexus RX crossover. The same day, General Motors announced an $834 deal to finance their Canadian Engineering Centre in Oshawa, Ontario.
Toyota
Toyota Motor Manufacturing Canada Inc. said they were investing in production to increase the Lexus RX model by 30,000 units. That will bring the total output of the plant up to 104,000 per year.
“The team members at TMMC have shown tremendous dedication to creating high-quality Lexus vehicles,” said Mark Templin, Lexus General Manager. “With rising demand for our RX 450h hybrids, moving that production to an award-winning North American plant is great news for Lexus. We look forward to partnering with TMMC to continue the tradition of manufacturing outstanding RX luxury utility vehicles.”
(Source)
General Motors
GM also announced they were investing in Ontario yesterday. They were going to invest $834 million into their Canadian Engineering Centre between now and 2016. While this is great news, this investment is part of a payback agreement that forms part of the deal struck by the bailout provided by the Canadian government in 2009.
The money will go towards R&D for GM, as well as “enhancing partnerships with automotive suppliers that strengthen innovation and competitiveness in the Canadian supplier base,” whatever that means.
“General Motors of Canada has made great strides since 2009 when our Government pledged its support to help it restructure,” Canadian Prime Minister Stephen Harper said in a statement. “We are encouraged that, thanks in part to that support, GM is now making important investments in the future of the auto sector and manufacturing in Canada.”
(Source)
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