GM investing $850M in Canadian R&D
The $850M investment by GM (about $841M USD) willl help recently enhanced supplier partnerships in driving innovation through supply chain and go towards increasing R&D capacity in Canada.
GM is planning to make Canada a key area of global technological innovation for its vehicles in its next generation of vehicles and automotive technologies.
During the announcement, Canadian Prime Minister Stephen Harper commented:
General Motors of Canada has made great strides since 2009 when our Government pledged its support to help it restructure. 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.
GM's commitments in Canada will include investing in new streams of state-of-the-art advanced technology research at the Canadian Engineering Centre. This will make the facility in Oshawa an integral part of the company's global engineering network. The money will also fund grants that will develop formal technology links with Canadian universities, institutes, and suppliers and manufacturers in key tech areas aligned with Canadian R&D clusters that fit with GM's priorities.
The automotive giant has been enhancing partnerships with automotive suppliers that strengthen innovation and competitiveness in the Canadian supplier base, and this investment will help build new co-development projects and greater opportunities for start-ups to access funding through GM Ventures, the company says.
GM is a global company that is building and broadening its bases of operations in various markets in North America, Europe, and Asia.