Federal Budget Supports Auto Manufacturing Through Extension of Automotive Investment Fund (AIF)

TORONTO, March 22, 2016 /CNW/ - The Federal Budget released today included important measures directed to the Canadian automotive manufacturing industry. The Canadian Vehicle Manufacturers' Association (CVMA) welcomed the governments' support of electric and alternative fuel vehicle adoption, research and development, and innovation.

The CVMA was also encouraged with the proposed extension to the Automotive Investment Fund (AIF) to 2020-21 and the commitment from the Government to further examine approaches that will address industry's concerns, maximize the impact and enhance the competitiveness of the AIF to ensure that auto manufacturing sector remains a strong contributor to Canada's economy.

"The members of the CVMA appreciate the government's acknowledgement of the importance of the auto manufacturing industry in Budget 2016," stated Mark Nantais, CVMA President. "The CVMA will look forward to working with the government on the details of this and other provisions that will support the industry's competitiveness."

About the Canadian Vehicle Manufacturers' Association (CVMA):

The Canadian Vehicle Manufacturers' Association is the industry association that has represented Canada's leading manufacturers of light and heavy duty motor vehicles for more than 85 years. Its membership includes FCA Canada Inc.; Ford Motor Company of Canada, Limited and General Motors of Canada Company. Collectively its members account for 62% of vehicles produced in Canada, operate 5 vehicle assembly plants as well as a number engine and components plants, and have over 1,300 dealerships. 115,000 jobs are directly tied to vehicle assembly in Canada. Direct and indirect jobs associated with vehicle manufacturing are estimated at over 500,000 across Canada. Please visit www.cvma.ca.

SOURCE Canadian Vehicle Manufacturers' Association (CVMA)

Mark Nantais, President, Canadian Vehicle Manufacturers' Association, 416.364.9333, 416.560.4005