The Automotive Supplier Innovation Program (ASIP) was created as part of the Economic Action Plan 2015. This Canadian government funding program will provide up to $100 million over five years (2015-2020) to encourage automotive suppliers to develop new innovative products and processes that will make Canada more competitive on a global scale. This program was…
Nearly a year ago, CBC reported on former Industry Minister, James Moore’s meeting with executives from leading automotive companies. In an ongoing effort to strengthen Canada’s automotive sector, Moore has been working closely with Ford, Toyota, Chrysler-Fiat, and Honda to secure additional investments in their Canadian operations. “I’m very positive and very confident that we’ll…
An article recently published in The Hamilton Spectator identified the Ontario automotive sector as lacking leadership and on the verge of a decline. Although the Ontario industry was a top global contender, manufacturers of vehicles and automotive components in Ontario are facing downward pricing pressures from developing nations with low labour rates, and consumer preferences…
The Ontario automotive sector contributed over $16 billion to the province’s GDP in 2014 alone. Ontario remains one of the strongest hubs in North America for the manufacturing and assembly of automobiles and Ontario’s economy is largely impacted by the performance of its industry players. The industry is rapidly evolving and therefore companies and government…
Amongst the updates announced in the Economic Action Plan 2015 was an improvement to the Canadian Small Business Financing Act (CSBFA), a popular small business loan to extend cash flows and support growth. As a quick overview, CSBFA was created to help businesses in establishing, expanding, modernizing, and improving their systems and targets. Businesses can…
In recent years there has been a shift in the global automotive market, and, as noted in our Automotive Industry Overview, Canada has slipped to the 11th largest producer of vehicles globally due to increased pressures from lower wage countries, such as Mexico. The Canadian government has taken note and, in their Economic Action Plan…