Toronto, Ontario — Ontario will invest $56.4 million over the next four years to create the Ontario Vehicle Innovation Network (OVIN).
The province’s Conservative government unveiled its budget plans for 2021 on Wednesday, where it said it is prepared to support “Ontario’s role of the manufacturing hub of Canada.”
The new program expands on the Liberal-government-created Autonomous Vehicle Innovation Network; OVIN is designed to accelerate development in the areas of next-generation electric, autonomous and connect vehicle technologies.
Another part of the province’s 2021 budget includes a $400 million investment over four years to create the Invest Ontario Fund, which is designed to encourage investments in advanced manufacturing, technology and life sciences.
The head of the Canadian Vehicle Manufacturer’s Association, Brian Kingston said the two new initiatives will strive to help the auto industry and broader economy recover post-pandemic.
The news also follows the Detroit Three automakers’ decision to invest approximately $6 billion into assembling electric vehicles and Ontario plants.
For more information on Ontario’s 2021 budget, click here.