Canadian Prime Minister Justin Trudeau announced Friday up to 13.2 billion Canadian dollars ($9.8 billion US) in subsidies over 10 years for Volkswagen's first overseas battery plant, to be built in St. Thomas, Ontario.
The production support matches incentives by US President Joe Biden's administration, as Washington's trading partners work to keep up with subsidies under the ambitious Inflation Reduction Act amid anxieties surrounding it.
"With this historic project, we're not just bringing back manufacturing, we're bringing back a strong thriving economy for this community, and we're delivering a national anchor for Canada's electric vehicle supply chain," Trudeau told a news conference on Friday. Volkswagen, which announced in March plans to build the plant in St. Thomas, is investing Can$7 billion in the 370-acre facility -- about the size of nearly 400 football fields -- which, according to a statement from Trudeau's office is"the largest electric vehicle-related investment in Canadian history."
Volkswagen is also setting up a series of battery plants in Europe, the first of which opens this year in Sweden. This will be followed by another in Salzgitter, Germany, in 2025.It is also facing a tough fight against US rival Tesla for dominance of the electric car market.
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.
UK Deputy Prime Minister Dominic Raab resigns after bullying inquiry | News24British Deputy Prime Minister Dominic Raab resigned on Friday following an independent investigation into allegation that he bullied colleagues.
Read more »
Chad disarmed Sudanese contingent which entered its territory on Monday - defence ministerChad's army stopped and disarmed a Sudanese contingent of 320 soldiers who entered the West African country on Monday, Defence Minister Daoud Yaya Brahim said on Wednesday.
Read more »
DA wants justice minister to explain why state pays Mahlangu's legal feesThe DA has written a letter to justice and correctional services minister Ronald Lamola demanding to know why the state continues to pay legal fees for former Gauteng health MEC Qedani Mahlangu in the Life Esidimeni inquest.
Read more »
DA wants justice minister to explain why state pays Mahlangu's legal feesDA wants justice minister to explain why state pays Mahlangu's legal fees: The DA has written a letter to justice and correctional services minister Ronald Lamola demanding to know why the state continues to pay legal fees for former Gauteng health MEC…
Read more »
Electricity minister’s plan for stage 7 load-shedding and beyondSouth Africa’s electricity minister says there are interventions to ensure a grid collapse doesn’t happen. However, stage 6 load-shedding is already devastating and anything beyond that could be catastrophic.
Read more »