Canada mimics U.S. strategy by offering nearly $30 billion for Stellantis, Volkswagen battery plants — via financialpost
, which is looking to build a battery plant in St. Thomas, Ont. Volkswagen could receive at least $13 billion in performance incentives.in the United States to ensure that both Stellantis and Volkswagen invest here. Passed last year, the IRA legislation encourages companies to set up their factories in the U.S. by issuing tax credits and other financial support.
“As the auto sector continues to move towards electric vehicles, Canada and Ontario remain ambitious and competitive, allowing us to attract projects that will ensure our automotive sector retains global leadership.” But critics of the subsidies believe the federal government needs to rein in its spending and look at alternative ways to meet its climate targets.
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