GM Oshawa loses Camaro production

Terrible employment news over the holiday’s at GM in Oshawa.

General Motors says it will move production of the Camaro from its Oshawa operation in Ontario to a plant in Michigan.

The Camaro is currently made at GM’s Oshawa flex plant, which employs some 2,000 people and also produces the Buick Regal and soon, the Cadillac XTS.

The Canadian Auto Workers’ most recent contract with GM, which was ratified in September, guaranteed production of the Camaro in Oshawa only until the end of the current generation model.

G.M. also says it will continue to meet production targets agreed to with the federal and Ontario governments in 2009.

Ottawa and Ontario contributed $13.7 billion to help bail out North American automakers G.M. and Chrysler more than three years ago and combined own about 9% of G.M.’s common shares.

General Motors also announced it is going to spend $5.5 billion to buy back 200 million shares of its stock from the U.S. government by the end
of the month.

That will reduce Washington’s ownership of G.M. to less than 20%.

The U.S. Treasury has promised to sell its remaining 300 million shares within 15 months, but Finance Minister Jim Flaherty recently stated now is not the right time for Ottawa sell its stake in G.M.