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Canadian Prime Minister Stephen Harper has publicized that the government will continue to back the Automotive Innovation Fund. The $253.69 million investment for car makers will spur extra personal investment and make manufacturing jobs. How many times have you wanted additional information on where to find payday loans instant approval, and turned to an online search on "legit payday loan sites?" Look no further, all the details you need is at MatchFinancial!


Fund extension made


The Automotive Innovation Fund, which began in 2008 and serves as an arm through which the Canadian government can support research and development within the country's auto industry.

"Our government remains focused on creating jobs, growth and long-term prosperity and to keeping Canada's automotive manufacturing sector globally competitive and innovative," Harper said before a gathering of the automotive press at a Ford assembly plant in Oakville, Ontario.

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Using the Automotive Innovation Fund


The Automotive Innovation Fund is accessible for automotive companies in Canada that make $76 million or more from auto investors. Corporations such as Ford of Canada and Linamar Corp. have been getting a lot of the funding. In fact, $1.62 billion has already been invested into the industry.


Sizable government subsidies will continue to come, in spite of the fact that General Motors has moved production of the Chevy Camaro from Oshawa, Ontario, to Lansing, Michigan.


Not the only country offering cash


The country is going to have to do more to match bonuses offered by other nations, according to Canadian Auto Workers president Ken Lewenza, though it was a happy announcement.


"I'm very grateful for the fact that they established the fund, but I still think we have to take a look at a longer term approach to how do we sustain it long term, because what we know is investment comes and goes," Lewenza told said.

Canada spent $10.1 billion on General Motors in 2009 in bailout cash, and the company is moving more jobs to the States. Still, Canada is willing to continue its investment in the company and the auto industry considering it needs more car jobs to become available. The Canadian dollar value, manufacturing costs and other things have brought on a massive decrease in the number of automotive jobs in the nation and have caused the market to fall significantly.


"We are not bound by what the United States decides," Harper said. "We'll sell in a way that attempts to maximize the value for the Canadian taxpayer."

Sources



Automotive News

Bloomberg
 
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