General Motors says a C$280 million investment in Oshawa Assembly is coming to produce the next-generation internal combustion engine (ICE) full-size trucks. GM claims it is committed to Canadian manufacturing. Product details and the timing of GM’s future trucks are not being released at this time as contract talks later this summer loom large with a newly revived UAW. (AutoInformed on: Canadian Industrial Policy Actively, Successfully Pursuing EV Climate and Economic Benefits with New Mercedes, VW MOUs)
What role Unifor, which represents Canadian auto workers, plays in this remains to be seen. AutoInformed observes this is a bittersweet blessing for Canadian autoworkers since internal combustion engines are ultimately doomed. There are larger issues as well as the components and agreements for supplying electric vehicles are in place or at organizations that are hostile to unionized workers and even Democracies. (AutoInformed on:Chinese April Sales Soft – EV Exports Threaten Global Trade)










Stellantis to Buy Back More Shares
Stellantis* (NYSE: STLA) announced today in Amsterdam that its Share Buyback Program that cancels common shares will proceed with a second tranche by an independent investment firm that makes its trading decisions concerning the timing of purchases independently of Stellantis. This will cover a maximum amount of up to €500 million starting on 7 June 2023, ending no later than 7 September 2023. Common shares purchased “will be cancelled in due course.” (AutoInformed on: Stellantis Shareholders Approve €4.2 Billion Dividend; Stellantis €1.5B Share Buyback Program Starts Tomorrow)
The purchase price per common share will be no higher than an amount equal to 110% of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris (as the case may be). The market price will be calculated as the average of the highest price on each of the five days of trading prior to the date on which the acquisition is made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. Continue reading →