First Cobalt is cheering Canadian government support for the development of electric vehicle and battery manufacturing supply chains throughout the country, Power Materials reports.
CEO Trent Mell said in an e-mailed statement that federal and provincial governments announced in early October a combined $590 million toward that end.
“This investment will secure jobs in the auto sector as the electric vehicle revolution picks up steam and will have ripple effects across the auto parts sector,” Mell said. “Government support for a transformation of the automotive supply chain will give Canada an edge when it comes to competing for the billions of dollars of capital investments that are being made by companies and governments around the world in anticipation of increased consumer demand for electric vehicles.”
He adds that the so-called electric vehicle “arms race” between Asia, Europe, and North America has been weighted against North America for some time. The continent stands to recoup lost ground quickly, however.
“North America has lagged behind Asia and Europe in EV adoption but make no mistake, change will happen quickly,” he said. “Moreover, with the largest passenger market on the planet just across our border, change will be swift and Canadian industry must be prepared to meet a drastically different market.”
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