Federal and Ontario Governments Commit $2 Billion Towards EV Mass Production at Ford Oakville Plant

It appears that the federal government has given a boost to Canada’s economic recovery by pledging over $250 million towards the production of electric vehicles in Ontario. This latest move is part of a series of investments into Canada’s future renewable energy economy, and another landmark in meeting net-zero emission goals by 2050.

Both the federal and Ontario provincial governments are each earmarking upwards of $250 million to commence production of electric vehicles and batteries at the Oakville, Ont. Ford Motor Co plant. The three-year agreement, which was announced in September between Unifor and Ford, will be worth almost $2 billion, and will save 3,000 of the 3,400 jobs at the Oakville plant. In addition, the investment is also expected to provide a boost for domestic mining companies that produce the necessary metals for EV batteries.

The federal government is no stranger to investing in a cleaner economy, with a previous commitment of over $300 million towards a network of EV charging stations across Canada, as well as introducing a rebate of $5,000 off the price of a hybrid or electric vehicle. Moreover, given the current state of Canada’s economy amid the pandemic, the investment will also help save the struggling auto sector, as well as boost the country’s competitive edge in meeting the forthcoming exponential global demand for electric vehicles.


Information for this briefing was found via The Canadian Press. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Generous Unemployment Benefits May Keep Some From Returning to Work Once Economy Reopens

Since the beginning of the coronavirus pandemic in the US, more than 36.5 million Americans...

Thursday, May 21, 2020, 02:46:00 PM

House Speaker Nancy Pelosi Proposes $1 Trillion Funding for Local Governments

As the taxpayer-funded CARES legislation is being used up by various sectors across the country,...

Friday, May 1, 2020, 06:10:00 PM

US Airlines Reach Agreements with Treasury for Federal Loans

Back in March when the CARES Act was put in place, the federal government earmarked...

Friday, July 3, 2020, 12:58:00 PM

Biden Vows to End Era of ‘Shareholder Capitalism,’ Plans to Increase Corporate Tax if Elected

With the US federal election soon approaching, stock market investors are going to be in...

Sunday, July 12, 2020, 05:07:00 PM

Canadian Federal Government Unveils Lending Program For Large Companies

It appears that the Canadian federal government has finally caved, and will be providing financial...

Thursday, May 21, 2020, 05:48:00 PM