More than $400 million will be pumped into Toyota's operations in Southern Ontario, CTV Toronto has confirmed.
Approximately $421 million will be invested in plants in Woodstock and Cambridge.
Some of that money will be used to invest in new technology, possibly paving the way for a new Lexus model to be assembled in Ontario.
Of the millions being injected into the auto sector, the province is contributing a $42-million grant, while Ottawa is handing out a $58-million loan. The deal secures 8,000 jobs at Toyota's Ontario plants.
The cash injection comes as the province’s auto sector is battling to keep jobs in Ontario.
Earlier this year, General Motors announced that it was cutting 1,000 positions from its Oshawa, Ont., plant, to coincide with the end of the production of the Chevrolet Camaros in Canada.
With a report from CTV Toronto's Paul Bliss
