January 4, 2013 / 3:01 PM / 5 years ago

Canada to invest C$250 mln in auto industry

TORONTO, Jan 4 (Reuters) - Canada plans to invest C$250 million in the country’s auto industry, a senior government source told Reuters.

Prime Minister Stephen Harper will announce the renewal of its Automotive Innovation Fund at an event at the Ford Motor Co. assembly plant in Oakville, Ontario later on Friday, the source confirmed.

The investment will be spread out over five years.

The announcement comes as the country’s auto sector is reeling from General Motors Co’s announcement in December that it will produce the next generation its Chevrolet Camaro in Lansing, Michigan, instead of at GM’s Canadian production hub in Oshawa, Ontario, where it currently produces the sports car.

The Canadian government first established the fund in 2008.

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