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Ontario invests $56 million to power "homegrown" automotive and mobility companies amid trade war

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The Ontario government and private partners are investing over $56 million in "homegrown" automotive and mobility companies (such as those focused on autonomous and connected cars) to both bolster the provincial supply chain and help domestic companies reach foreign markets.
Ontario is investing $56 million to support its automotive and mobility sectors amidst a trade war between the U.S. and China, aiming to bolster local companies and maintain the province's position as a leader in the industry. The funding, announced by Economic Development, Job Creation and Trade Minister Vic Fedeli, will be used to help companies innovate, expand, and attract investment, with a focus on electric and connected vehicles. This move comes as the trade war threatens to disrupt global supply chains and impact Ontario's automotive industry, which is a significant contributor to the province's economy. The investment is part of a broader strategy to support the sector's transition to new technologies and ensure its long-term competitiveness.

Read the Full BetaKit Article at:
[ https://betakit.com/ontario-invests-56-million-to-power-homegrown-automotive-and-mobility-companies-amid-trade-war/ ]