Doug Ford, the Premier of Ontario, joined Justin Trudeau, the Prime Minister, today to officially re open General Motors of Canada Company’s (GM) CAMI assembly factory in Ingersoll, Ontario, which will serve as Canada’s first full-scale EV production facility.
The BrightDrop Zevo 600 totally electric delivery vehicles will be manufactured at the site starting today and continuing ahead. The factory wants to produce 50,000 electric vehicles annually by 2025, intitaaly for DHL, the Deustche postal service.
To commemorate the opening of the newly upgraded GM CAMI assembly factory in Ingersoll, Ontario, Unifor National President Lana Payne joined autoworkers, local union officials, and General Motors representatives were also at the announcement today.
Provincial and federal governments contributed $259 million each to assist the carmaker in modernizing the CAMI facility.
The Zevo 600, the first in a line of electric delivery vehicles from BrightDrop, will go into full production at GM CAMI in January 2023, followed by the Zevo 400 later that year. Following successful talks between General Motors and Unifor in early 2021, retooling of the CAMI factory started in May 2022. The union and GM came to an agreement, and the firm committed to investing $1 billion, with contributions from the federal and provincial governments.
“I’m thrilled to say that autoworkers in Ingersoll will lead the industry by building a new line of next-generation electric vans built with the same hallmark of dedication, quality and pride Unifor autoworkers are known for,” said Lana Payne, Unifor National President.
By 2035, the government insists that all new vehicles in Canada will be electric.
Do you work at General Motors Canada?
Have you been a long-time employee and are on the Defined Benefit Pension Plan at GM?
Older employees at General Motors had a Defined Benefit (DB) pension plan. Let’s dive into your options if you are planning to retire soon from GM Canada.
Pension Solutions Canada has helped dozens of laid off or retiring auto workers. We will analyze and advise you on each of your pension options, coordinate documents and establish your pension either thru a copycat pension or the commuted value.
GM offers you 3 choices:
a. Company pension: immediate pension
b. Commuted Value [CV]: “Take the cash.”
c. Copycat pension: “Move your pension to a Cdn insurance company.”
What do these all look like? Click here to visit our article were we detail each of these options.
Speak with a Certified Financial Planner. Click here to book a free online pension consultation today.
Your Trusted Ingersoll Financial Advisor
Bruce Youngblud is a well known financial advisor in serving those in the Ingersoll, Woodstock, and London Ontario area.
With over 25 years of experience, Bruce advises clients on pensions, government pensions, tax planning and estate planning, and helps individuals prepare for retirement.
Finance is a complicated animal. He “simplifies the complicated”. He has advised many retirees from GM Cami Assembly.
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Leave your pension or move it out
We provide you with a variety of options, including taking your money out to create your own investment portfolio and / or leave a legacy.
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