Umicore SA delayed plans for its $2.8 billion (US$2 billion) Ontario electric vehicle battery materials plant as consumer adoption falls short of expectations.
An electric vehicle charger. -- Umicore SA delayed plans for its $2.8 billion Ontario electric vehicle battery materials plant as consumer adoption falls short of expectations.
It’s the latest blow to Canada’s nascent electric vehicle supply chain. Automakers including Ford Motor Co. and General Motors Co. also recently announced delays to manufacturing in Ontario for the sector, citing lower-than-expected demand. Northvolt AB is reviewing its timeline for a battery-cell factory near Montreal.
The Ontario plant was expected to open by 2026 and provide battery materials for as much as 800,000 electric vehicles annually. The Canadian government planned to invest as much as $551.3 million in the factory, while Ontario’s government planned to invest up to $424.6 million. “Absolutely not,” she said in a call with reporters from the Group of Twenty finance ministers’ meeting in Rio de Janeiro. “These kinds of major transformations are never a straight line. There are always bumps along the way, but I am absolutely convinced that for the jobs of today and the jobs of tomorrow, Canada does need to have an industrial plan and we do.”
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