Given the inordinately high value of the tax credits in the U.S. Inflation Reduction Act (IRA), many are skeptical that Ottawa has deep enough pockets to mount an effective defence with fiscal tools alone.
Canada must aggressively counter U.S. incentives for battery manufacturers, auto industry experts say. But given the inordinately high value of the tax credits in the U.S. Inflation Reduction Act , many are skeptical that Ottawa has deep enough pockets to mount an effective defence with fiscal tools alone.
Federal officials, including Finance Minister Chrystia Freeland, have pledged to counter the incentives included in the IRA, which cleared the U.S. Congress last summer. But so far, they have provided little clarity. Lisa Drake, vice-president of EV industrialization, said Ford considered sites in Canada and Mexico but picked the United States because of the tax incentives.CAN BILLIONS BE BEAT?
Had the Stellantis and LG Energy Solution joint venture opted for the United States, it would have been eligible for $1.58 billion annually from the U.S. Internal Revenue Service, if running at capacity.
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