Somewhere between 2030 and 2040 the Canadian auto industry will die and disappear for good according to experts at The Economist magazine, the Huffington Post reports.
This comes in the same week as Toyota's announcement to shift Corolla production from Ontario to a new plant in Mexico.
Quoting renowned auto analyst Dennis Desrosiers, the article mentioned that almost nonexistent investment in new facilities will result in Canada losing its auto manufacturing base about 15-25 years from now. At that point we'll be Australia, Desrosiers said.
In case you didn't know, Australia's last three manufacturers — Ford Australia, Holden (GM), and truck maker Iveco — are all planning to shut down operations by 2018.
Elsewhere in the world, investment in new assembly plants rose nearly 37% to $24.1 billion in 2014. However, Canada reportedly got only 0.2%, or $118 million, of that money.
It must also be said that sales of auto parts dropped 15% in February, although they are up a 1.5% over the past 12 months. Meanwhile, Canada lost 30,000 manufacturing jobs over the past year including 2,400 in March alone.
Do you actually believe automakers will all leave Canada by 2040?