Tuesday, June 18, 2024
NewsA London Real Estate Developer Wants to Build Electric Cars in Ontario

A London Real Estate Developer Wants to Build Electric Cars in Ontario

Trouvé Victory will be a canadian EV company founded by a british real estate developer

  • The vehicles should come out of the new factory, East of Toronto, in 2023

  • The company will be called Trouvé Victory Inc.

  • The plan will cost around $3 billion

Many EV start ups are appearing around the world, but as of now, none had been established in Canada.

This just changed, because Faruk Rama, a real estate developer from London, announced he wants to set up a new company to manufacture electric cars in Ontario.

The plan will cost $3 billion in order to buy a plot East of Toronto and build a new factory, design a car and its powertrain, have to car tested to make sure it complies with all of the applicable regulations and finally bring it to market.

Many believe the timeframe given by the company are too optimistic however, since the plan is to have the first vehicles roll off the assembly line in 2023, but the assembly line has yet to be made still.

In addition, many key players in the Ontarian automotive industry have been asked about Trouvé Victory, such as the CEO of the Auto Parts Manufacturers Association (AMPA), and they have not heard of the company and its plans, which doesn’t bode well for a company that wants to have a car on the market in two years.

On the other hand, auto analysts believe the market is in favor of start up companies making electric vehicles since Rivian and Lucid Motors have both gone from unknown companies to being very well regarded in the EV world in only a few years.

We also shouldn’t forget that Tesla began as a small, start up company before becoming the world leader in electric vehicle sales, so everything is possible.

The vehicles from Trouvé Victory should retail between $65,000 and $85,000 and special models could be worth over $100,000. The cars are also supposed to have ranges up to 1,000 kilometers (621 miles) and fast charging capabilities that will allow 18 minute charge times to 80%.

It will be interesting to see how this project will unfold in the next few years.


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