A deal to save a $5-billion electric vehicle battery plant in Windsor is inching closer, Industry Minister Francois-Philippe Champagne said Wednesday.
"I would say everyone should take a deep breath, things are going well, the negotiations are progressing," Champagne said following a Liberal caucus meeting in Ottawa.The federal government, Ontario, Stellantis and LG Energy Solution have been in heavy negotiations for a few weeks after the companies paused construction on their planned factory in a dispute over federal subsidies.
That legislation compelled Canada to sign an agreement with Volkswagen to subsidize batteries made at a planned new plant in St. Thomas, Ont., that could be worth up to $13 billion over a decade. The Volkswagen deal includes a clause that ensures Canada's subsidies keep pace with the U.S. tax credits, and if the IRA is reduced or eliminated earlier than planned, Canada's subsidies will go down an equal amount.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stellantis deal to keep EV plant in Windsor is inching closer, Champagne says - National | Globalnews.caIndustry Minister Francois-Philippe Champagne says a deal that would save the $5-billion electric-vehicle battery plant in Windsor is inching closer.
Read more »
Canada closing in on deal to get Stellantis battery plant back on track: Champagne | National NewswatchNational Newswatch: Canada's most comprehensive site for political news and views. Make it a daily habit.
Read more »
Stellantis EV battery plant could cost Canada $19 billion in subsidiesSubsidies to build a Stellantis\u002DLG Energy battery plant in Windsor, Ont. could reach $19 billion over 10 years, one expert says. Read on.
Read more »
Stellantis EV battery plant could cost Canada $19 billion in subsidiesSubsidies to build a Stellantis\u002DLG Energy battery plant in Windsor, Ont. could reach $19 billion over 10 years, one expert says. Read on.
Read more »
If Canada wants a Stellantis battery plant, it has to ‘pony up,’ says analystGreg Mordue, associate professor at McMaster University and former auto executive, tells BNN Bloomberg that Canada used to provide 20 per cent of the capital cost of an automaker’s project, but the U.S. Inflation Reduction Act forced the government to provide 200 per cent of the Volkswagen EV battery plant’s capital cost, and Stellantis will demand similar terms.
Read more »
Canada unveils plan for regulating offshore wind energy projects in Atlantic Canada | CBC NewsCanada's offshore accords with Nova Scotia and Newfoundland and Labrador are being updated to promote development of offshore wind farms, but it's not clear yet whether any compensation will be paid to fishermen displaced by wind farms.
Read more »