Canada has reached an agreement with automaker Stellantis NV to increase government financial support for an electric-vehicle battery plant, ending a standoff that began in May when the carmaker halted construction on the project.
The plant, built in partnership with South Korea’s LG Energy Solution Ltd., will be located in Windsor, Ontario, across the border from Detroit. It’s expected to cost more than $5 billion to build. The project was first announced in March 2022, but the passage of the incentive-rich US Inflation Reduction Act last summer threw a wrench into the process.
Financial terms of the deal haven’t been disclosed, but the total package is expected to be near, or even exceed, a similar agreement for a Volkswagen AG battery plant that may cost the government more than $13 billion over a decade.
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.
Stellantis to resume battery plant construction in Canada after reaching deal with governmentsConstruction at the NextStar Energy battery plant in Windsor will resume with production set to launch in 2024, with the creation of some 2,500 new jobs
Read more »
World’s biggest nuclear power plant being planned in Canada - BNN BloombergA Canadian utility is starting early work to expand a nuclear plant, potentially building the world’s biggest facility as growing demand for clean energy spurs interest in atomic energy.
Read more »
Insolvencies on the rise amid interest rate squeeze: Former Bank of Canada economist - BNN BloombergA former Bank of Canada economist says the trend of rising household insolvencies could spell trouble for the broader economy down the line.
Read more »
Income gap between Canadian households increases at record speed: Statistics Canada - BNN BloombergThe share of disposable income between Canada's highest and lowest households widened in the first quarter of 2023, according to data released by Statistics Canada.
Read more »
Nearly 2,000 Air Canada flights delayed, cancelled over long weekend - BNN BloombergFigures from aviation tracker FlightAware show that nearly 2,000 Air Canada flights were delayed or cancelled over the Canada Day long weekend.
Read more »
Canada's lack of research and development spending hurting climate tech startups: Study - BNN BloombergA new study shows that Canada’s spending per capita on research and development (R&D) lags behind its peers, which is weighing on the nation’s climate technology sector.
Read more »