Chevy to build next generation Camaro in Michigan
GM announced Wednesday the next-generation Chevrolet Camaro will be assembled at the Lansing Grand River (LGR) Assembly Plant in Michigan.
The automaker said the decision to move production to the United States from its current place in Canada was a business one.
GM said the move to Lansing will help with production, since the Camaro is the only rear-wheel drive vehicle currently being built at the Oshawa plant.
Assembling the next-generation Camaro in Lansing consolidates the rear-wheel assembly assembly with the Cadillac CTS and ATS.
GM will continue to meet the production targets agreed to with the Canadian and Ontario governments during the 2009 restructuring.
Production of the current generation Chevrolet Camaro will continue on the flexible manufacturing line at Oshawa Assembly until the end of the current product lifecycle. The Buick Regal continues to be produced there, and GM recently invested $185 million to support the launch of two new products on the flex line as well: the all-new Cadillac XTS and the next-generation Chevrolet Impala scheduled to launch in 2013. In addition, GM recently announced it will add a third shift to support the launch of the new Impala there. The consolidated line at Oshawa Assembly will continue to produce the current generation Chevrolet Impala and Equinox until June 2014.
No more Government Motors: US selling GM shares
The U.S. government's foray into the car business is slowly coming to an end.
The Treasury Department said Wednesday that it will sell its remaining stake in General Motors in the next year or so, winding down a $50 billion bailout that saved the iconic American car giant but also set off a heated debate about government intervention in private business that even influenced this year's presidential election.
Taxpayers will lose money on the deal, but it gets the government out of the car business. GM has done well over the past three years, piling up $16 billion in profits as car sales bounced back. Now it looks forward to losing the stigma of government ownership -- including the derisive moniker "Government Motors" -- that it claims cost it sales since it left bankruptcy protection in 2009.
As part of a deal announced Wednesday, GM will spend $5.5 billion to buy back 200 million shares from the Treasury from now through the end of the year. That will leave the government with 300 million shares, or a 19 percent stake, which it plans to sell during the next 12 to 15 months.