Volkswagen has secured an exclusive contract with Canada that could be worth more than $13 billion to build a battery plant in Ontario.
Industry Minister Francois-Philippe Champagne provided some of the details ahead of that in an interview with Bloomberg News and The Canadian Press has verified the information.
Those subsidies will not be in the form of tax credits but are designed to match what Volkswagen could have received had it chosen a site in the United States to build its new plant..The U.S. Inflation Reduction Act, which passed last year, set a new high bar for government investments in cleantech companies, including electric-vehicle makers and the battery supply chain needed to power them.
If at any point the U.S. subsidies on offer decline or are eliminated, Canada’s contract with Volkswagen will be amended to reflect that. PowerCo was just announced last year as a Volkswagen offshoot to make a unified type of battery that can be used in electric vehicles across Volkswagen’s brands.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada’s EV battery contract with Volkswagen could be worth more than $13 billionOTTAWA — German auto giant Volkswagen has secured an exclusive contract with Canada that could be worth more than $13 billion over the next 10 years to bu
Read more »
Canada’s EV battery contract with Volkswagen could be worth more than $13 billion - Terrace StandardCanada’s EV battery contract with Volkswagen could be worth more than $13 billion
Read more »
Canada matched Joe Biden subsidies to win Volkswagen battery plant, pledging up to $13 billionUnprecedented contract provides annual production subsidies as well as a grant toward the factory’s capital cost
Read more »
Volkswagen to get up to $13 billion from Ottawa to make EV batteriesGerman auto giant Volkswagen has secured an exclusive contract with Canada worth more than $13 billion over the next 10 years to build an electric-vehicle battery plant in southern Ontario.
Read more »
Ottawa matches U.S. with up to $13-billion in subsidies to land Volkswagen EV battery plantThe arrangement will be formally announced in St. Thomas on Friday, but was confirmed to The Globe by a federal source
Read more »
Canada commits up to $13B towards Ontario Volkswagen battery plant: reportsThe federal government has reportedly agreed to provide up to $13 billion in subsidies over the next decade, in order to see Volkswagen build its first overseas battery manufacturing plant in southwestern Ontario.
Read more »