Why Are Investors Eyeing Canada's Booming EV Market?

The Canadian government has also announced tax break for zero emission vehicle (ZEV) manufacturers, including battery makers, and hydrogen-powered vehicles.

Canada has also been pushing for low-carbon hydrogen economy and Alberta will be its first hydrogen hub.

Canada is known for its efforts to lead the global transition to eco-friendly electric vehicles. Now, with more American EV companies investing in Canada-based facilities, the country could be closer to its goal than ever before. Canadian trade union Unifor has voted in favour of General Motors’ plan. Ford Motor Company (NYSE:F) also plans to invest about US$ 1.2 billion in the production of battery-powered vehicles in Ontario.

The facility is expected to be functional by 2025. The federal and provincial governments have also promised to contribute over C$ 250 million for the Michigan-based automaker’s production bid, which has been greenlit by the members of trade union Unifor.


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