Investments in auto parts companies will help position Ontario as a hub for building the cars of the future
Today, our PC government announced the $10 million Ontario Automotive Modernization Program (O-AMP) is investing in auto parts companies to boost competitiveness and position Ontario as a North American hub for building the car of the future.
“The strength, innovation and quality of our automotive supply chain has been essential in attracting almost $6 billion in new vehicle assembly investments to Ontario,” said Vic Fedeli, MPP for Nipissing and Minister of Economic Development, Job Creation and Trade. “O-AMP provides targeted support to help auto parts manufacturers make critical investments in technology and training to enable them to keep ahead in a globally competitive industry.”
Ontario’s vehicle assembly facilities are supported by a supply chain comprising over 700 parts firms and over 500 tool, die and mold makers. The innovation and capacity of the province’s auto supply chain is integral to Ontario’s ability to attract industry investment.
Recent proposed investments of almost $6 billion in Ontario assembly operations ¾ including transformative investments in electric vehicle production ¾ will require new supply chain expertise and product development supporting the next generation of vehicles.
Also, O-AMP is helping companies be ready to seize the growth opportunities stemming from NAFTA 2.0, with its increased regional content requirements for vehicles. O-AMP is helping firms get better, stronger and faster by investing in technology adoption and/or training in lean manufacturing. More than 100 projects either underway or in the pipeline that will also create about 570 jobs.
O-AMP was launched in September 2019 as a centrepiece of Driving Prosperity, the government’s plan for a strong and sustainable auto industry. Funding of $8.8 million committed so far will leverage about $25.8 million in industry investments.