The Toronto Star reports that the troubled CAMI auto assembly plant near Woodstock has secured a promise of more than half a billion dollars in new investment for the production of half-car/half-truck Chevy SUVs.
According to the newspaper, General Motors of Canada and Suzuki Motor Corp., which own CAMI Automotive in a 50-50 joint venture, will officially announce the project this afternoon.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Toronto Star report says that sources say the investment is bigger than initially planned in preparation for production of either the Chevrolet Equinox or Traverse, so-called “cross-over” models for the 2004 or 2005 model year.
The report adds that sources say the plant’s new assembly line will replace the ill-fated Chevrolet Metro and Suzuki Swift subcompacts, which ceased production last year. It also says that the Tracker and Vitara SUVs will eventually be phased out.
The Toronto Star notes that CAMI production plunged 25 per cent to 79,961 vehicles in 2001 and has fallen another 30 per cent in the first six months of this year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
