GM Doubles Down On Trucks With $200M Investment In Ontario Assembly Plant

General Motors Co (NYSE:GM) said on Tuesday it would invest C$280 million ($208.85 million) in its manufacturing facility in Ontario’s Oshawa, just a day after committing to a huge investment in Michigan.

What Happened: The fresh investment, made in addition to the $1.2 billion invested in the facility in 2020, is toward making combustion engine-powered full-size trucks, the company said in a statement. 

On Monday, the company said it plans to invest more than a billion dollars in two of its Flint, Michigan manufacturing sites to prep them for the production of heavy duty combustion engine trucks, portraying the automaker’s intent to continue providing combustion engine vehicles in the future.

Why It Matters: In 2022, GM reported a 38% year-over-year jump in heavy duty pickup sales to nearly 288,000 trucks. 

Of the 2.3 million GM vehicles sold in the U.S. last year, full-size pickups, midsize pickups and full-size SUV sales totaled 1.1 million.

Price Action: GM shares closed up 3.25% at $35.24 on Tuesday and rose 0.28% in after-hours trading, according to data from Benzinga Pro.

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