Thank you, Mr. Chair and committee.
As you may know, Lion Electric is the leader in electrification of transportation. We're an OEM and we build medium- and heavy-duty all-electric trucks and buses. Every day, we help make Canada one of the cleanest economies in the world and help the country reduce its greenhouse gas emissions.
Of course, financial incentives and strong policies are essential when we want to develop a new sector, such as the electrification of transportation, just as it is necessary to be ambitious to achieve our objectives. However, none of this will have a real local economic impact if our businesses are disadvantaged compared to our American, Asian and European neighbours. There is no need to tell you that the competition is fierce for the Canadian flagships.
We believe it is essential to advocate the creation of a strong Canadian supply chain not only in the electrification of transport but for all other manufacturing activity, a complete ecosystem from natural resources to the production of finished product and all the way to recycling. All of this needs to include local purchases.
We as Canadians have always distinguished ourselves with innovation. A strong Canadian supply chain will continue developing our cutting-edge expertise to serve generations to come and create really well-paid jobs.
We're asking to develop regulations that require assembly in Canada in RFPs, and financial assistance programs. This is currently what every country in the world is doing in developing policies to encourage the local economy. It is quite normal for governments to encourage their domestic businesses and the creation of jobs in their territory, especially when it comes to the development of a whole new economy like the electrification of transportation. We need to abolish the lowest-bidder policy. The lowest bidder is an innovation killer.
Without a strong signal from the Government of Canada on assembly in Canada, local companies will find themselves at a competitive disadvantage compared to foreign companies. We have also seen the impact of the pandemic. It is important that as a country, we become more independent and more vertically integrated.
The electrification of transportation alone can have a major effect on the creation of a new, growing green economy. Through innovative public policies, the Canadian market for zero-emission vehicles could grow from a value of $1 billion in GDP and the creation of 10,000 jobs in 2015 to a value of more than $150 billion in GDP and the creation of millions of jobs by 2040.
These changes will improve our energy security and positively impact the return on investments that electric fleets will experience through less maintenance, a longer life cycle and lower maintenance costs.
Building our supply chain is also a solution to fighting climate change. Transportation is one of the biggest GHG emitters, and working with local companies means less transportation and net GHG emissions.
Let's put the odds on our side and start building a strong Canadian supply chain, because we are already behind.
Thank you. I will be happy to answer any of your questions.