Queen’s Park investing more than $400-million in electric auto industry
Posted August 29, 2011 4:23 pm.
This article is more than 5 years old.
Ontario is teaming up with Magna to invest more than $400-million in electric vehicle technology.
It’s the third government cash injection into the electric auto industry this month.
Automotive analyst Dennis DesRosiers told 680News all roads lead to electric vehicles because eventually our oil supply is going to dry up.
“The length of the (oil supply) road is at least a decade or two long before we have respectable volume,” DesRosiers said.
He believes government money is the only way the automakers can afford to make the switch.
“Consumers aren’t going to buy very many for quite a while, and thus you need government money until the technology gets ready so that consumers will buy,” DesRosiers said.
Buy electric now, and DesRosiers said you have to compromise on horsepower and size.
He cites the hybrid as a successful technology that hasn’t been embraced over its eleven-year existence, with less than 150,000 purchased in Canada during that time.
