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A Londoner's ambitious $3B dream: Made-in-Ontario electric vehicles

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A new electric vehicle with roots in London may be manufactured in Ontario.

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Trouve Victory Inc., a company with an ambitious plan for a $3-billion investment to make a fully electric vehicle, will soon announce it’s buying 100 acres of land east of Toronto to start production of the car, said London businessperson Faruk Rama, who has emerged as a principal in the business.

“We have been polluting our environment for a long time, we must wake up before it’s too late to start the clean energy solution.” said Rama, chairman of Trouve. “This will help the environment . . . it will make a better world for our children.”

Rama said the company, kickstarted with funding from businesspeople in the Middle East country Oman, has lined up suppliers, investors, and even financial support from federal and provincial governments, although he declined Tuesday to reveal details.

“We’ve done a lot, so far patents have been secured, technology and licencing, all that,” he said. “We have built an amazing team around the globe.”

The Ontario plant will initially employ about 1,000 and production is expected to begin in 2023, he said.

Trouve Victory will ultimately have plants in Ontario, the U.S., U.K. and Oman, he envisions.

He has been working on the plan since 2016 with financial backing from investors in Oman, but has since added financial support globally, he said.

The vehicles are expected to sell for between $65,000 and $85,000 Canadian and range to more than $100,000.

Rama now has a business in London, Gold Rock Homes. He’s been a developer here since 2019. Trouve Victory will be headquartered in Toronto.

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