Canada’s $400 million V8 Supercars project is officially in limbo

Canada’s V8 supercar project has been in limbo for nearly a year, with no final decision yet made on whether to proceed.

The company behind the project, Caravan Automotive, said it has not received a formal decision from the Canadian government on the project since February 2016.

However, it is now reported that Caravan will be required to pay $200 million in back taxes to Canada in 2018.

Caravan said it had been working with the government on its V8 project and it had received a preliminary proposal from the federal government.

A spokesperson for Caravan said they have yet to receive any final decision, but are “confident that the project will move forward and continue as planned.”

The project has taken the lives of more than 100 people since it was announced in 2017.

“The project is a major undertaking and a project that has been a long time coming,” Caravan spokesperson Scott Tait said in a statement.

“[It] has been one of the most complex and challenging projects in Canadian automotive history and we are confident that it will go ahead as planned, with full federal and provincial funding.”

“We are hopeful that the federal and local governments will provide a significant and necessary contribution to the project that is essential to the continued growth of this innovative technology,” he added.

In a statement, a spokesperson for Canadian Prime Minister Justin Trudeau said the project has received its final environmental approval.

“Canada has committed to supporting Caravan’s vision and our Government is committed to providing a meaningful contribution to this exciting project,” the spokesperson said.

This is not the first time the project had been put on hold.

In 2015, the federal Liberal government rejected a proposal for a project to build a $1.5 billion car rental service in B.C. in the form of a $10-million grant.

It is unclear if Caravan has received any funding for the project.

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