Original Article, InvestOntario, May 14, 2021
The automotive industry is undergoing its most significant evolution since the invention of the moving assembly line in 1913—the rapid growth of electric vehicles (EVs).
In 2020, EVs accounted for 2.5 million units sold, but that figure is predicted to reach 31.1 million by 2030. By 2040, EVs will make up more than half of all passenger vehicle sales.
This burgeoning industry makes for exciting times in Ontario, Canada. Experts predict the province will be a crucial jurisdiction in the global production and development of EVs. Ontario is poised to build the innovative technologies that will define the future state of automotive design in electric vehicles and beyond.
Here are the top five reasons why Ontario is a driving force in EV production:
- Home to an abundance of critical materials
- Home to automotive powerhouses
- An end-to-end ethical supply chain
- A culture of innovation
- Government support