In an effort to lead and encourage investment in local manufacturers, the government of Canada has made an investment of $5 million in the first-ever electric vehicle manufactured in Canada.
This development was made public by Minister Deb Schulte while issuing a public statement at Woodbridge.
Minister of Seniors and MP for King-Vaughan indicated that the federal government’s $5 million investment is to back and support Automotive Parts Manufacturers’ Association’s (APMA) “Project Arrow”.
The goal of Project Arrow is to develop and build the first Canadian-made, zero-emission concept vehicle.
“Cutting transportation emissions is one of the most achievable and beneficial steps Canada can take to reach net-zero emissions by 2050,” Schulte said. “Today’s investment showcases the advanced skills of the Canadian automotive and digital technology sectors, and puts southern Ontario at the forefront of technology development for zero-emission and connected and autonomous vehicles. Canada can compete on the global stage and win.”
The said investment will be disbursed directly by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
Founded in 1952, APMA is the official organization that represents producers of parts, equipment, tools, advanced technology, and services in southern Ontario. Using its expertise and industry network, the organization will facilitate the electric vehicle project.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.