A targeted approach to investments, on top of key battery-building advantages, could keep Canada in the fight for growth in the auto industry.
Canada’s auto industry has lost out on at least two large deals to the tax incentives provided under the U.S. Inflation Reduction Act for battery-cell and component makers. The federal government has vowed a response in its March 28 budget, but any critical misstep could automatically send more investments to the United States.
“Don’t get lazy. Don’t assume we’re going to win things. But they’ve got to work harder [in the United States] than we do.” “It’s complicated and hard to read, but if you know how to read it, there’s a certain element of transparency.” Canada’s method of relying on individual contracts usually means the covenants of such deals remain out of public view, he said. But they do have the advantage of being binding.
“The IRA puts Canadian battery production at a significant disadvantage, and corresponding action is required to level the playing field,” Kingston said. An effective response, he said, would highlight Canada’s other competitive advantages to demonstrate the country’s “total value proposition.”
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