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. 

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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