- $50M in combined support from
federal, provincial and municipal governments of Taiga's
Mass-Production Facility for electric snowmobiles, watercrafts,
battery packs and powertrain systems in Shawinigan, Quebec.
- Utilizing cutting-edge technology, the most advanced
high-volume electric powersport production facility in the world is
expected to begin operations in second half of 2022.
- Once fully operational, the facility will have an annual
production capacity of up to 80,000 units and 3 gigawatt-hours in
battery pack and module production.
SHAWINIGAN, QC, July 12, 2021 /CNW/ - Taiga Motors
Corporation ("Taiga") (TSX: TAIG), a leading
manufacturer of electric off-road vehicles announced today the
raise of a combined $50M in support
of the Shawinigan Mass-Production Assembly Facility.
The project and development represent an investment of
approximately $125,17 million. Taiga
will benefit from support by all levels of governments to a
combined $50 million ($10 million in federal funding, $30 million in provincial funding, and
$10 million in municipal funding.)
With the development of the new facility, Taiga predicts that it
will accelerate production of its off-road vehicle platforms and
powertrains while simultaneously optimizing and automating the
battery production. Given the company's approach of clean-sheet
engineering of power units and vehicle platforms, this new
manufacturing capability will have direct impact on off-road
vehicle transportation and the environment.
The Minister of Innovation, Science and Industry, the Honorable
François-Philippe Champagne, the
Minister of Finance and Minister of Economy and Innovation, Mr.
Eric Girard, the Minister of Labor,
Employment, and Social Solidarity, Mr. Jean
Boulet, and the City of
Shawinigan Mayor, Mr. Michel
Angers, made the announcement today, accompanied by Mr.
Samuel Bruneau, CEO and co-founder
of Taiga.
A Milestone for Taiga and Off-Road Electrification
An
industry first for electric powersports, the facility will employ a
vertically integrated and modular approach, leveraging the
proprietary software and hardware technology platform commonalities
across vehicle builds for increased economies of scale and reduced
development times for new vehicles.
Advancements in automated manufacturing have allowed Taiga to
innovate in electric powertrain production processes that will
drive down costs to accelerate electrification in the off-road
sector. The highly advanced high-volume powersport production
facility is expected to become operational in the second half of
2022 with manufacture of Taiga personal watercrafts and
snowmobiles, alongside built-in flexibility for new off-road
vehicles as they are brought to market. In parallel with vehicle
production, the Shawinigan
facility is capable of an annual production of three (3) gigawatt
hours in battery modules and packs.
Shawinigan is a growing dynamic
Canadian electrification hub and supports a robust supply chain
network across Quebec. The
projected is expected to create 370 high quality jobs and to
develop a local supply chain of materials and components.
Quotes
"Our government is supporting the country's
businesses as they become global leaders in the manufacture of
green vehicles, creating dependable jobs. Taiga Motors' arrival in
the Mauricie region is a key part of our efforts to enable the
region to participate fully in the economic recovery by showcasing
local talent. Our government will continue to support businesses so
they can participate in efforts to build a clean-growth economy,
including by investing in the manufacture of carbon neutral
vehicles."
– The Honourable François-Philippe Champagne, Member of Parliament for
Saint Maurice Champlain and Minister of Innovation, Science and
Industry
"Innovation is at the core of our government's priorities, and
we proudly support projects such as the one by Taiga Motors, which
will contribute a cleaner environment. By driving a new 100%
electric sector of activity in Quebec, the project is fully in line with our
recovery plan for a sustainable, green, and innovative economy.
Taiga Motors' values also align with our priorities around
electrifying transportation, the fight against climate change and
structural regional economic development. By leveraging this
innovative project in Shawinigan,
we are also investing in the well-being of future generations."
– The Honourable Mélanie Joly, Member of Parliament for
Ahuntsic‒Cartierville, Minister of Economic Development and
Official Languages and Minister responsible for CED
"Taiga has the potential to position itself advantageously in
the growing market for electric vehicles. Its project is in line
with our desire to invest in this manufacturing sector to ensure
Quebec's transition to the
electrification of transportation. This is how we will achieve our
greenhouse gas reduction objectives and build a new, greener, more
prosperous and sustainable economy."
– Eric Girard, Minister of
Finance and Minister of Economy and Innovation
"The popularity of electric vehicles is growing rapidly
worldwide. Taiga, which specializes in recreational vehicles, has
everything it takes to position itself advantageously in the
market. By building its new plant in the Mauricie region, the
company will be able to benefit from our stimulating business
environment and our qualified workforce to pursue its growth."
– Jean Boulet, Minister of
Labour, Employment and Social Solidarity and Minister responsible
for the Mauricie region
"Taiga has been a source of pride in the Mauricie region since
its creation in 2015, at the Centre d'entrepreneuriat
Alphonse-Desjardins in Shawinigan.
This avant-garde company is now shifting into high gear with this
ambitious project. The establishment of its new plant in
Shawinigan will allow our region
to further develop its expertise in the transportation
electrification sector and will contribute to a strong boost to the
Mauricie economy."
– Marie-Louise Tardif, Member for
the Laviolette-Saint-Maurice and Parliamentary Assistant to the
Minister of Forests, Wildlife and Parks (Forestry)
"This factory will allow Taiga to become the first Canadian EV
manufacturer to integrate both automated powertrain assemblies and
electric vehicle platforms under one roof for greatly increased
efficiency. Thanks to the financing provided by the federal,
provincial and municipal governments, we will be able to rapidly
increase manufacturing capacity while continuing to drive
innovation so that Quebec and
Canada can remain leaders
disrupting the global powersports market towards a more positive
future of outdoor exploration without compromise."
– Samuel Bruneau, CEO and
Co-Founder, Taiga
About Taiga
Taiga is a Canadian company, founded in
2015, that is reinventing the powersports landscape with
breakthrough electric off-road vehicles. Through a clean-sheet
engineering approach, Taiga has pushed the frontiers of electric
technology to achieve extreme power-to-weight ratios and thermal
specifications that outperform comparable high-performance
combustion powersports vehicles. The first models released
include a lineup of electric snowmobiles and personal watercraft to
deliver on a rapidly growing recreational and commercial demand for
those who are seeking better ways to explore the great outdoors
without compromise. For more information, visit
https://www.taigamotors.ca
Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of applicable securities laws, including statements
with regards to the anticipated performance of the Shawinigan
Facility, the expected production times and customer demand for
Taiga's products. Forward-looking statements generally, but not
always, can be identified by the use of forward-looking terminology
such as "outlook", "objective", "may", "could", "would", "will",
"expect", "intend", "estimate", "forecasts", "project", "seek",
"anticipate", "believes", "should", "plans" or "continue", or
similar expressions suggesting future outcomes or events and the
negative of any of these terms. Forward-looking information
involves known and unknown risks and uncertainties, many of which
are beyond the Company's control, that could cause actual results
to differ materially from those that are disclosed in or implied by
such forward-looking information. These risks and uncertainties
include, but are not limited to, the effective functioning of the
configurator, further supply chain disruptions, and the impact of
such disruptions on ability to fulfil orders, and those described
under "Risk Factors" in the final non-offering prospectus dated
March 26, 2021, of Taiga (formerly
Canaccord Genuity Growth II Corp.).
Forward-looking statements reflect management's current beliefs,
expectations and assumptions and are based on information
currently available to management. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be
no assurance that the future circumstances, outcomes or results
anticipated or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties and other factors that could cause actual results to
differ materially from those contemplated by such
statements.
All forward-looking statements included in this news release are
qualified by these cautionary statements. Unless otherwise
indicated, the forward-looking statements contained herein are made
as of the date of this news release, and except as required by
applicable law, Taiga does not undertake any obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/taiga-announces-50m-in-government-support-for-electric-vehicle-and-battery-assembly-facility-301331858.html
SOURCE Taiga Motors Corporation