Below are five key takeaways from these announcements:
- Long-Term Plan. In Phase II of
Ontario's plan, Driving Prosperity: The Future ofOntario's Automotive Sector, the province aims to strengthen the auto industry and make the province more competitive for new investments in response to the global demand for EVs. It also aims to support the related domestic parts producers, workers and innovators. - The Aspiration. The plan calls for the sector to build at least 400,000 EVs and hybrid vehicles by 2030.
Ontario wants to secure production mandates for hybrid and EVs to create a domestic battery ecosystem and position the province as a North American automotive innovation hub. - The Goals.
Ontario said it will partner with the auto sector to implement new automaker mandates for hybrid and battery EVs, establish and support an electric battery supply chain ecosystem that connects northernOntario's mineral wealth with the manufacturing strength of southernOntario , innovate at every stage of development and equip auto workers with the necessary skills to secure rewarding, high-paying jobs. - Public Funding.
Ontario previously committedC$56.4-million over the next four years through the Ontario Vehicle Innovation Network to support innovation and transformation in our auto-tech system. The province also points to programs such as theRegional Development Fund and reductions to the cost of doing business that it claims total nearlyC$7-billion . - Investment by Automakers. In the past year, major automakers such as
Ford ,Stellantis andGM have invested almostC$6-billion inOntario assembly operations, including aroundC$4-billion in transformative investments in EV production.
For permission to reprint articles, please contact the Blakes Marketing Department.
© 2020
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Suite 4000,
Tel: 4168632400
Fax: 4168632653
E-mail: jordan.virtue@blakes.com
URL: www.blakes.com
© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source