Prime Minister Stephen Harper is at the Ford Motors plant in Oakville, Ont., on Friday, and he's expected to announce a $250-million renewal of the Automotive Innovation Fund. (Fred Chartrand/Canadian Press) Prime Minister Stephen Harper is making an announcement today at the Ford Motor Co. plant in Oakville, Ont., where he's expected to announce a five-year renewal of a fund to stimulate research and innovation in Canada's automotive industry.
Harper's news conference is scheduled to start just after noon ET.
The Prime Minister's Office confirmed a report Friday that the federal government will renew a fund first established in 2008 as part of efforts to bail out Canada's struggling automotive industry early in the last recession.
The five-year Automotive Innovation Fund required manufacturers to put up some of their own money before applying for funding targeted at specific research and development projects. The subsidy program was touted as an incentive for automakers to keep their Canadian plants open and protect jobs here.
The government says its original investment stimulated some $1.6 billion in innovative projects across the industry. The announcement Friday is expected to commit another $250 million to the fund over five more years.
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