CVMA Statement on the 2024 Federal Budget
The CVMA applauds measures in the 2024 federal budget aimed at supporting the transformation to electrification in the automotive industry. However, we remain concerned that the government lacks a clear plan to achieve its mandated electric vehicle (EV) sales targets.
“Auto manufacturers have announced over $30 billion in job-creating EV battery manufacturing and vehicle assembly investment in Canada since 2020”, said Brian Kingston, President & CEO of the CVMA. “With manufacturers bringing record numbers of EVs to market, government must focus its efforts on supporting Canadians in the switch to electric.”
In pre-budget advice to Deputy Prime Minister Freeland, the CVMA called on the federal government to address the primary barriers to electrification facing Canadians – affordability and a lack of convenient and reliable charging infrastructure.
“We welcome additional funding to top up the federal EV purchase incentive program,” Mr. Kingston said. “Meeting the governments mandated EV sales targets requires long term funding for EV purchase incentives and a detailed plan to build charging infrastructure.”
- The CVMA acknowledged specific measures in Budget 2024 that will support the automotive industry, including:
The promise of a new 10 per cent Electric Vehicle Supply Chain investment tax credit on the cost of buildings used in key segments of the electric vehicle supply chain. - An intent to amend the Criminal Code to include new criminal offences for auto theft.
For further information, please contact:
Canadian Vehicle Manufacturers’ Association
Office: 416.364.9333