May 20, 2022

Wire Service Canada

Complete Canadian News World

So Canada attracts GM’s Gigafactories (which merged with Honda to beat Tesla)

The new race for electricity exposes the undeniable fact: States have never provided public money to help private entrepreneurs during this period. USA, especially if the plan Joe Biden Congress needs to pass a review, China and above all India is already doing it, something is moving in Europe, even Italy has started to do it (Memorandum of Understanding signed between the Ministry of Development Economy and Molise last March 23, The region to replace Thermoli, Invitalia and Automotive Cells SE) and now Canada is making its way.

What GM does in Canada

US General Motors will actually receive a check for $ 518 million from the government. Justin Trudeau Its billion-dollar investment in two of its factories in Ontario, including one that produces electric vehicles.

Strictly speaking, both GM and Ontario’s state government will invest C $ 259 million each, with GM $ 2 billion and more than C $ 2 billion invested in the Oshawa plant and the CAMI assembly plant in Ingersoll.

Following the government investment, GM’s CAMI plant will be converted into a real gigafactory, the first large – scale electric vehicle manufacturing plant (including the battery manufacturing sector) where BrightDrop vans will be built. , Industrial Recovery Program in Canada as Announced by GM.

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GM, one of the US companies most affected by the truckers’ struggle against Canadian restrictions on the Govt epidemic that blocked borders between the two states, has announced a third shift at the Oshoa Assembly plant in exchange for state investment. Creates 2,600 new jobs

Honda’s Nippon investments in Canada

US GM is not just looking at Canada to strengthen its business plan. Last month, Honda Motor Company said it would invest $ 1.38 billion over six years to upgrade its Ontario plant as the automaker prepares to launch its new hybrid SUV for the North American market.

Honda-GM plan to overtake Tesla

General Motors and Honda Motor Co have announced that they are unleashing a particularly aggressive approach to the EV cars industry, developing low-cost electric vehicles based on the new joint venture. The first joint model will arrive in 2024: this will be the Honda preamble. The intent to beat Tesla in a particularly strong field is clear, however, as it places itself in the antidote in terms of list prices. The Compact Crossover is the world’s best-selling market segment with more than 13 million vehicles per year.

Both automakers said their electric vehicles use GM’s Altium battery technology, which they say will be “affordable”. CEO of GM, Mary BarraFor example, Chevrolet claimed that the price of the Equinox electric SUV would be below the expected $ 30,000. The goal of the joint venture between Honda and GM is to sell “millions of units”, so this unprecedented US-Japan axle can be aimed at producing cars globally.

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