Ten Australian automotive suppliers will use government grants totaling A$6.5 million ($6.7 million) to expand their product and customer range.
The money comes from a new 4-year, A$30 million ($31.2 million) Automotive New Markets Program administered jointly by the federal, Victorian and South Australian governments.
The program is designed to help parts makers develop auto industry business opportunities domestically and overseas, and to branch into new domestic markets beyond the automotive sector.
Federal Industry Minister Greg Combet says it’s vital that automotive components suppliers find new markets.
“These grants will assist firms to develop a range of exciting new capabilities including robotics, precision components, accident avoidance and high-intensity floodlighting,” he says in a statement.
Among the projects, Chassis Brakes International (Australia) receives A$1 million ($1.04 million) to design and validate automotive braking components for the Asian region, while Robert Bosch (Australia) gets A$500,000 ($519,600) to development a potentially lifesaving backover-avoidance system.
“The grants enable our automotive suppliers to build their commercial base while maintaining the capacity to service existing automotive customers," Victoria Manufacturing Minister Richard Dalla-Riva says.
South Australian Manufacturing Minister Tom Koutsantonis says the auto industry is fundamentally important to the future of Australia's manufacturing sector.
“Assisting component makers to diversify and scale up will ensure South Australia continues to have an advanced and innovative manufacturing industry well into the future,” he says.
The initial round of applications under the grant program demonstrates both the auto industry’s determination to diversify operations and the strength to make it happen, Koutsantonis says.
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