Mr. Speaker, the automotive innovation fund, AIF, was established to support strategic research and development, R&D, projects to build innovative, greener, more fuel-efficient vehicles. To date, the government has made investments in Ford, Linamar, Toyota and Magna. These repayable contributions have leveraged up to $1.6 billion in R&D and innovation investments in Canada.
On January 4, 2013, the Government of Canada announced a commitment of an additional $250 million over five years to the automotive innovation fund. The renewal of the fund will continue to stimulate research and innovation and will further strengthen the sector and secure Canada’s automotive footprint.
The AIF is only one part of the government’s broader approach to ensuring the right economic conditions are in place to support a strong Canadian auto industry.