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This latest announcement by Prime Minister Stephen Harper brings the total cost for Canada of restructuring GM to $9.5 billion, including $450 million in emergency funding already used by the car company, compared to $49.8 billion promised by the Obama Administration. In exchange Ottawa and the province of Ontario, where GM Canada has all its operations, receive a 12% stake in Detroit-based GM, representation on the new board and the promise to keep 16% of the struggling automaker's production in Canada as it restructures in coming months...
...present GM Canada has 12,000 hourly and salaried employees, but that number is expected to shrink to about 5,500 over the next couple of years. About 1,100 of the new total is expected to be salaried jobs, which are unrelated to assembly operations. That means Ottawa and the Ontario government are together spending an unprecedented $2.1 million for each assembly job at GM Canada they hope to save...
...Ottawa and the Ontario government are contributing a total of $3.2 billion in loans to keep Chrysler Canada alive, including $850 million extended to the ailing automaker at the beginning of the year. Prime Minister Stephen Harper and Ontario Premier Dalton McGuinty have characterized the Canadian contribution as proportional to the $12 billion in emergency loans that the Obama Administration has made available to Chrysler LLC, now under Chapter 11 bankruptcy protection. (See the worst business deals...
...What's really going on behind the scenes of the Canadian bailout of Chrysler has more to do with politics than economics. Car dealers and parts suppliers have engaged in a ferocious campaign to save the automaker, both in Ottawa and at the Ontario legislature in Toronto. At the same time, Harper and McGuinty are fearful of the repercussions of having Chrysler Canada fail on their watch, possibly triggering a collapse of Ontario's auto sector...
...brand retired on Monday by General Motors was born as the Oakland Car Co. in Pontiac, Mich., in 1907. GM acquired the company two years later. Its 1926 Pontiac model was so popular that the GM division changed the Oakland name in favor of that of the 18th century Ottawa Indian chief. And its GTOs, Firebirds and Bonnevilles were among the leaders of the pack of 1960s muscle cars. (See the 50 worst cars of all time...