How Canada hopes to buy its way onto the factory floor of the EV revolution — via financialpost Canada Energy ElectricVehicles
The promises required billions of dollars of enticement from the federal and Ontario governments, but there’s no denying that the decision of Stellantis NV toto produce EV’s and hybrids signalled a change in the weather for Canada, a relatively high-cost producer which for decades has been losing auto investments to the southern United States and Mexico.
Such optimism will come as a relief to the estimated 500,000 Canadians whose employment the government says is directly or indirectly tied to automobile manufacturing. Alas, stability didn’t come cheap: the federal and Ontario governments have committed to giving automakers billions of dollars in subsidies, incentives, and loans to help shoulder the costs of the EV transition.Article content
Champagne contends that any investments now will anchor more investments in the future. That’s why his government is so willing to throw hundreds of millions of dollars at profitable companies: it’s now or never.Article content Since 2018, for example, the five automakers with factories in Canada have announced $16.75 billion in new investments in Ontario and Quebec.
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