Tag: ontario

By on June 5, 2014

File photo of General Motors logo outside its headquarters at the Renaissance Center in Detroit

Automotive News reports General Motors will release Thursday the results of attorney Anton Valukas’s three-month independent internal investigation into how and where the automaker went wrong before recalling 2.6 million vehicles affected by an out-of-spec ignition switch linked to 47 accidents and at least 13 fatalities. The announcement will come at 9 a.m. Eastern via webcast, with what CEO Mary Barra says will be an “unvarnished” look at the events surrounding the recall. In addition, GM will have an update on plans for compensating victims of the switch, though the attorney heading up the affair, Kenneth Feinberg, says a formal announcement won’t come until a few weeks down the road. Reuters adds the Valukas report will likely exonerate Barra, former CEO Dan Akerson and other senior execs and board members of any wrongdoing over the recall, with “a number of people” to be formally dismissed from the company due to their ties to recall. The report will be turned over to the federal government by the end of June.

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By on April 14, 2014

GM ignition diagram

Automotive News reports dealers are still waiting for the ignition switches meant to replace the out-of-spec switch at the center of the ongoing recall crisis at General Motors. The switch was to have arrived at dealerships beginning this week, yet most dealers are in a “holding pattern” on deliveries. Once the parts do arrive, service bays will begin work on affected customer vehicles immediately before turning toward the used lot, where vehicles under the recall are currently parked until the customer vehicles are fixed.

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By on April 14, 2014

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The government of Ontario has announced  it will sell its shares in General Motors as part of an effort to fund new public transit programs in the Greater Toronto Area. But the move could end up hastening the demise of GM’s Oshawa plant, located in the same metropolitan area.

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By on April 2, 2014

oshawaGM

The Globe and Mail is reporting that the Ontario government may dump its shares of General Motors as a way of helping to fund expanded public transit in the Greater Toronto Area.

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By on March 17, 2014

Chrysler Windsor Assembly

While celebrating the successful turnaround for Fiat Chrysler Automobile’s Sterling Heights, Mich. plant, CEO Sergio Marchionne proclaimed the issue of upgrades made to the Windsor, Ont. plant with help from Canadian federal and provincial governments one no longer worth discussing.

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By on March 4, 2014

windsor_assembly

UPDATE: Mere minutes after our prior editorial was published  Chrysler announced that they will be withdrawing their request for funding from the Canadian government, and

“…confirmed its intention to begin to allocate to our Windsor, Ontario plant the development and industrialization of the next “people carrier” architecture (the so-called next minivan and derivatives)”

 We are awaiting a call from Chrysler to discuss the matter. In the mean time, you can read the official announcement here.

The biggest news for North America’s auto industry was announced at Geneva, and it wasn’t a new product debut. According to Automotive News, FCA CEO Sergio Marchionne has decided on a location for the next assembly plant, and things aren’t looking great for the current plant in Windsor, Ontario.

(Read More…)

By on February 13, 2014

Dodge-Challenger-production

On the heels of reports that put a $3.6 billion pricetag on Chrysler’s investment at two Canadian plants, another Canadian outlet is reporting that the money would ensure the future of the two plants for decades to come.

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By on September 12, 2013

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The national Canadian and provincial Ontario governments have agreed to sell 30 million shares in General Motors that they received in exchange for their contributions to the 2009 bailout of the automaker. According to Bloombergthe shares are worth about $1.1 US billion, and were purchased by the Bank of America and the Royal Bank of Canada as a block.

 

 

The transaction will be completed early next week. The sale reduces the Canadian governments’ stake in GM by 21%, down to 110 million shares. Canada and Ontario had been, since the bailout, the third largest stockholder in General Motors, behind the UAW and the U.S. Treasury, and after the sale will own about 8% of the company’s shares.

“As we said from the start, our investment in GM was always meant to be temporary as we worked to maximize the return to Canadian taxpayers,” Finance Minister Jim Flaherty said in a statement. “The government of Canada is committed to exiting from ownership of GM as quickly as feasible, while maximizing the return for Canadian taxpayers, as we demonstrated today.”

The banks purchased the shares at a discount from Tuesday’s closing price, $37 a share, up 28% from the start of 2013.

By on June 24, 2013

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Ontario is home to a number of auto plants, both import and domestic, union and non-union, as well as numerous suppliers. None of them are so tightly intertwined as General Motors is with the town of Oshawa, about 40 miles from Toronto (though, as any area resident will tell you, it’s really 2 hours away, thanks to our horrendously inadequate infrastructure). For nearly a century, GM has been building cars in Oshawa in one form or another, as the plant has established a reputation as one of GM’s best, consistently building high quality cars, trucks and crossovers over the decades. But that tradition may be coming to a close by 2016.

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By on November 30, 2012

The government of Ontario is calling on the Canadian government to sell off its shares in GM, obtained as part of a bailout package for the automaker in 2009.

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