UPDATE 1-GM to expand to 1,000 engineering jobs in Canada

[StarTrombone]

Source: Yahoo Finance

(corrects to say GM will increase engineering jobs to total of 1,000, not create 1,000 jobs)

By Allison Martell

OSHAWA, Ontario, June 10 (Reuters) - General Motors Co said on Friday it will expand its Canadian engineering base to reach a total of about 1,000 jobs in Canada's auto-making province of Ontario as it boosts research spending on connected and driverless cars.

GM also said it would invest $10 million in its Kapuskasing, Ontario cold-weather facility, where it would conduct testing for new GM products and technologies.

Ontario hailed the announcement as a sign of confidence in Canadian automaking, which has been losing ground in recent years to Mexico where costs are lower.

Mexico's auto production rose 5.6 percent while exports climbed 4.4 percent in 2015 over the prior year, the Mexican Auto Industry Association (AMIA) said in January. The auto sector makes up about 30 percent of Mexico's exports

Ontario assembly plants produced nearly 15 percent of North American vehicles over the last five years and the auto industry contributes around $16 billion annually to the province's GDP.

Read more: http://finance.yahoo.com/news/gm-add-1-000-jobs-143520893.html;_ylt=AwrXgCNwTFtXjhwANbzQtDMD;_ylu=X3oDMTByc3RzMXFjBGNvbG8DZ3ExBHBvcwM0BHZ0aWQDBHNlYwNzcg--

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Unifor's current contract with the Detroit Big Three automakers expires in the fall of 2016, and the union fears GM's Oshawa plant risks being closed because it has not been promised new products.

Dias warned this week "there will be a strike in 2016" if there is no new product in Oshawa.

Thank GOD and Obama the American taxpayer bailed GM out

What would Canada have done without us

[a kennedy]

1. Well fauk you GM....... d*mn.

[OneBlueDotBama]

3. Canada loses $800M Canadian in GM bailout

The Canadian federal government sold its nearly 73.4 million shares of General Motors Co. stock on Monday for about $2.61 billion, putting its losses likely around $800 million Canadian for its financial bailout support of the Detroit automaker.

Canada GEN Investment Corp., which held Canada’s equity interest in GM, sold its stake at $35.61 a share, according to a regulatory filing. The sale could net the Canadian federal government about $3.3 billion in Canadian dollars based on Thursday’s U.S. exchange rate.

Canada GEN Investment Corp. said Monday it would sell its 4.6 percent stake in GM in a block sale this week to investment bank Goldman Sachs & Co. But it said it would convert the U.S. dollars into Canadian currency “gradually over a period of time.”
http://www.detroitnews.com/story/business/autos/general-motors/2015/04/09/canada-loses-canadian-gm-bailout/25559951/

[George II]

2. You would have preferred that the 200,000+ GM workers* have lost their jobs altogether?

*and the hundreds of thousands of workers in related industries.

[pampango]

4. Poor story wording. They're adding an unspecified number of jobs (5? 50? 100?) to reach 1,000

at the Canadian facility.

Good for Canada. We are all in this together. There is no indication that these are not just plain new jobs, not transferred from any other country.

[Bernardo de La Paz]

5. WTF? "What would Canada have done without us"

Canada did not create the financial crisis that engulfed North America and the world in 2007.

The USA did.

Canada's banking system and stock system was and is very well regulated and did not implode or require bailouts.

[bhikkhu]

6. I'm fond enough of Canada to say "good for them"

I'm glad GM is continuing to invest in its operations there.