 "The Rs 100-billion wager")
Canadian Prime Minister Justin Trudeau announced a new federal investment in project funding for automaker Stellantis that will modernize assembly plants and increase the production of electric vehicles (EV).
According to a statement from Trudeau's office, the government is investing up to C$529 million ($423 million) into this project, reports Xinhua news agency.
Ontario province is also supporting the project with an investment of up to C$513 million.
"We're building a world-class Canadian auto industry for generations to come, an innovative economy, and a clean, strong future for everyone. This is what a healthy environment and a healthy economy looks like," Trudeau said.
"Ontario has everything it needs to be North America's auto manufacturing powerhouse once again," said Doug Ford, premier of Ontario, the province with the largest population in Canada.
Also Read
The multi-billion dollar project from Stellantis will support plants in Windsor and Brampton, Ontario, implementing flexible vehicle platforms at both plants and increasing its production of EV.
Stellantis' investment will also support the creation of a state-of-the-art Battery Pack Testing Facility for North America at the Automotive Research and Development Centre (ARDC) in Windsor, which will further secure Canada's position as a leader in EV innovation.
Activities at the ARDC are already underway, with an addition to the existing building to be complete by the end of 2023, according to the news release.
The Canadian government is putting in place a sales mandate that will ensure that 100 per cent of new light-duty vehicle sales are zero-emission vehicles (ZEV) by 2035.
Accelerating the ZEV target will support the country's commitment to reach net-zero emissions by 2050, the statement said.
--IANS
ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
