Vehicle Manufacturers Support the Government of Canada's Investment Fund Infusion in Economic Action Plan 2014
TORONTO, Feb. 11, 2014 /CNW/ - The Canadian Vehicle Manufacturers' Association (CVMA) supports the Government of Canada's commitment of an additional $500 million over two years towards innovation and new investments in Canada's auto industry included in Economic Action Plan 2014.
"This announcement demonstrates the government's continued recognition of the importance of the auto sector to Canada's economy and the need to remain globally competitive. The economic value that the automotive industry delivers has long been recognized and many jurisdictions go to great lengths to attract and retain automotive investments," said Mark Nantais, President of the CVMA.
Canada's auto sector is a key driver of the Canadian economy and remains Canada's number two export after energy. Over 85% of the vehicles produced in Canada are exported, with a growing number of vehicles exported outside of North America.
Canada's auto sector is a high-tech industry with the highest job multiplier of any industry, providing up to nine jobs for each automotive assembly job. Over 500,000 Canadians are directly or indirectly employed in communities across Canada in related manufacturing and services activities.
Expanding and simplifying programs like the Automotive Innovation Fund (AIF) was one of the key recommendations of the recent report by the Canadian Automotive Partnership Council, A Call to Action II.
Today's announcement expands on the government's AIF, which was first announced in 2008 and expanded in 2013. The auto sector looks forward to continuing to work with government to develop competitive programs and policies that will ensure that Canada's auto sector remains a globally competitive cornerstone of Canada's economy.
About the Canadian Vehicle Manufacturers' Association (CVMA)
The Canadian Vehicle Manufacturers' Association is the industry association that has represented Canada's leading manufacturers of light and heavy duty motor vehicles for more than 85 years. Its membership includes Chrysler Canada Inc.; Ford Motor Company of Canada, Limited and General Motors of Canada Limited. Collectively its members account for 62% of vehicles produced in Canada, operate 5 vehicle assembly plants as well as engine and components plants, and have over 1,300 dealerships. 115,000 jobs are directly tied to vehicle assembly in Canada. Direct and indirect jobs associated with vehicle manufacturing are estimated at over 500,000 across Canada. Please visit www.cvma.ca.
SOURCE Canadian Vehicle Manufacturers' Association (CVMA)For further information:
Mark Nantais, President
Canadian Vehicle Manufacturers' Association