GM jumped as much as 7.9 percent to US$38.75, the highest since July, as of 12:20 p.m.in NY trading.
Meanwhile, GM's Barra said Monday the company will be investing in autonomous and electric vehicle technology. The shift will eliminate thousands of factory jobs and 15 per cent of the company's salaried staff. When asked if there was anything the federal government could do to convince the Detroit-based automaker to shift production of another vehicle to the factory, Bains said the closure is part of a larger "global restructuring plan" that will see similar facilities in MI and OH close.
The GM plant in Oshawa is closing.
Reports confirmed by the Toronto Sun say USA auto giant General Motors will shutter the Oshawa vehicle assembly plant, putting more than two thousand people out of work. Barra said the company will double resources dedicated to electric and self-driving vehicles over the next two years.
The restructuring announcement also comes after Canada and the US reached the United States-Mexico-Canada Agreement to replace the North American Free Trade Agreement, after months of strained negotiations. "We think it's appropriate to do it while company is strong and the economy is strong".
"We need to make sure that we are well positioned to compete, not just over the next few years, but well beyond", she said. Things are much worse in the United States, where the automaker has announced plans to stop production at four plants from 2019.
"Oshawa has been in this situation before with no product on the horizon and we were able to successfully make the case for continued operations", Unifor president Jerry Dias said in a statement.
General Motors in Oshawa employs around 2,800 people and the plant has been in Oshawa for over 100 years.
GM has three other sites in the province of Ontario.
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In a statement, Unifor Local 222, vowed to press to keep the plant producing.
A former Canadian auto executive said it would be hard for Canadian government officials to entice GM further to keep the plant open.
The announcement comes shortly after the renegotiation of the North American Free Trade Agreement, which was welcomed by the Canadian auto sector.
The auto giant announced Monday that it will cease operations at the assembly plant by the end of 2019, as part of a global restructuring.
GM's unions aren't happy.
Oshawa is about 37 miles (60 km) east of Toronto. But saddled with higher costs and poor demand for some models, the plant has struggled to retain models to make. "I urged GM to at least reallocate some of the production and employees to the Toledo GM plant", he said in the statement. In 2015, GM moved the Camaro line to a plant in MI, which saw the elimination of 1,000 jobs at the Oshawa plant. The company received billions of dollars in support from the Canadian and Ontario governments after the financial crisis.
General Motors is expected to announce on Monday the closure of a factory in the Canadian city of Oshawa, putting nearly 3,000 jobs at risk, Canadian channel CTV reported.
GM, the largest automaker in the US and includes the Chevrolet, Buick, Cadillac and GMC brands, said the moves will save $6 billion in cash by the end of next year, including $4.5 billion in recurring annual cost reductions and a $1.5 billion reduction in capital spending.