Ontario government invests in auto parts companies
Maryam FaragBusiness Operations Economy Industry Automotive Government automotive automotive manufacturing Canadian economy Economy government investment manufacturer manufacturing Ontario
The Ontario government is investing $10 million in auto parts companies through the Ontario Automotive Modernization Program (O-AMP).
Funding awarded so far will leverage $25.8 million in industry investments.
“The Canadian and Ontario auto industries have a generation-defining opportunity to lead in the design, engineering and manufacture of modern vehicle technologies, zero emissions, light-weight, connected and autonomous,” said Flavio Volpe, President, Automotive Parts Manufacturers Association. “The targeted investments of the Ontario Automotive Modernization Program will assist our ambitious and innovative auto parts companies stay at the leading-edge of technology and innovation.”
O-AMP was launched in September 2019 as part of Driving Prosperity: The Future of Ontario’s Automotive Sector. The program was designed to help small-and-medium-sized automotive parts suppliers get stronger and faster by investing in technology adoption and/or training in lean manufacturing.
“By partnering with Ontario’s innovative and ambitious auto parts companies, we can help prepare our supply chain to seize growth opportunities stemming from NAFTA 2.0 and its increased regional content requirements for vehicles,” said Vic Fedeli, Minister, Economic Development, Job Creation and Trade. “As our government works to lay the foundation our economic recovery from COVID-19, we will continue our collaborative partnerships to keep the auto industry at the forefront of innovation, jobs and exports for years to come.”
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