Canada: Ontario Premier to announce CA$600m to develop clean vehicle technology

Tuesday, June 19, 2007,

AutomotiveWorld.com

Dalton McGuinty, Premier of Ontario, is expected to announce a CA$600m (US$560m) fund to finance a fleet of locally-built green cars, reports Canadian Press.

The report cited a government official as saying that Ontario is keen to develop hybrid and fuel-efficient technology to help the province's automotive sector to remain competitive.

The official claimed that the fund will be based on the province's CA$500m Ontario Automotive Investment Strategy set up in 2004 and which has generated investment worth CA$7bn.

While critics have called for stricter vehicle emission standards on cars produced in Ontario, McGuinty believes that setting tough emissions standards will drive the automotive industry from the province.

It is not yet clear when the fund will be established, but many expect it to materialise before the 10 October political elections.

Published on Tuesday, June 19, 2007