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Latest News from the CVMA
Canadian Vehicle Manufacturers Applaud Ontario’s Tax Reductions.
Toronto, ON – 2007-12-13The Canadian Vehicle Manufacturers’ Association (CVMA) applauds the Ontario government's quick action to address the challenges facing the manufacturing sector in the fall economic update on December 13, 2007.
"Ontario's decision to eliminate the capital tax for manufacturers effective January 1, 2008 is a welcome shot in the arm for Canada's vehicle manufacturers who are facing challenging conditions," said Mark Nantais, President of the Canadian Vehicle Manufacturers' Association.
The rapid acceleration of the Canadian dollar has been one of the biggest recent challenges. However, this is just one of many major impacts on our industry in Canada that include deep impact regulations such as new fuel economy requirements, unique Canadian vehicle safety regulations, record levels of auto imports from offshore, and outdated trade infrastructure and border backlogs to name but a few. This culmination of factors forming a perfect storm has a significant impact on Canada's ability to attract and maintain automotive investment and could severely impact our industry's footprint in Canada.
"The auto industry is thrilled that Minister Duncan has decided to accelerate the elimination of these harmful, job killing taxes for manufacturers. These tax cuts, when combined with Ontario's Next Generation Jobs Fund to attract new investment, demonstrate Ontario's willingness to aggressively pursue future automotive investments."
The Canadian Vehicle Manufacturers' Association (CVMA) is the national association representing Canada's leading manufacturers of light and heavy duty vehicles. Our membership includes Chrysler Canada Inc., Ford Motor Company of Canada, Limited, General Motors of Canada Limited and International Truck & Engine Corporation Canada. These companies directly employ 100,000 Canadians and support an additional 50,000 retirees throughout their entire business operations including sales, head office, vehicle and components manufacturing, and research and development. In 2006, our member companies produced over 70% of the 2.55 million light duty vehicles built in Canada and accounted for 54% of all light duty vehicles sold.
For further information please contact:
Mark Nantais
President
Canadian Vehicle Manufacturers' Association
416.364.9333
About the Canadian Vehicle Manufacturers’ Association
The CVMA is the national association representing Canada’s leading manufacturers of light and heavy duty vehicles. Our membership includes DaimlerChrysler Canada Inc., Ford Motor Company of Canada, Limited, General Motors of Canada Limited and International Truck & Engine Corporation Canada.
In partnership with the Government of Canada and the Government of Ontario, CVMA members have contributed over 80% of almost $10.15 billion in new automotive (parts and assembly) investment announced over the past four years. These investments involve a transition to flexible manufacturing, new advanced skills training programs, significant investments in research and development, and the implementation of leading-edge environmental technologies.
In 2006, our member companies produced over 70% of the 2.55 million light duty vehicles built in Canada and accounted for 54% of all light duty vehicles sold in Canada. Our members purchase over 80% of all automotive parts produced in Canada for vehicle production across North America.
The automotive industry has been the driving force of Canada’s economy for over 100 years.
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