Canada and Volkswagen on Friday together committed more than C$20 billion ($14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country's electric-vehicle supply chain.
on Friday together committed more than C$20 billion for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country's electric-vehicle supply chain.
Ontario's provincial government also will provide C$500 million in direct investment to the German carmaker, as well as hundreds of millions of dollars to upgrade local infrastructure. "It will provide millions upon millions of batteries to power Canada's auto industry ... and the economic impact of this project will be equal to the value of government investment in less than five years," Trudeau said.to build the plant in Ontario, Canada's most populous province and a key industrial engine of the country, was announced last month. The battery plant is expected to be Volkswagen's largest and create up to 3,000 jobs.
Luring the Volkswagen plant to Canada has been a priority for Industry Minister Francois-Philippe Champagne, who wants to woo companies involved in all levels of the EV supply chain to safeguard the future of the manufacturing heartland in Ontario as the world seeks to cut carbon emissions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Morgan Stanley reaped $20 billion in new client assets from First Republic and other struggling banksMorgan Stanley netted nearly $20 billion in new client assets from First Republic and other struggling regional banks
Read more »
Ebb Carbon: Ocean carbon removal startup raises $20 million Series AThis startup founded by ex-Tesla, Google, and SolarCity staffers uses the ocean for carbon removal. Check out the 13-slide pitch deck Ebb Carbon used to raise $20 million.
Read more »
Bitcoin Miners Trapped In Alleged $20 Billion Corruption Scheme In VenezuelaLarge-scale bitcoin miners have been forced to turn off their operations in Venezuela as part of the country’s nationwide crackdown on corruption.
Read more »
Bitcoin Miners Trapped In Alleged $20 Billion Corruption Scheme In VenezuelaVenezuelan bitcoin miners have been forced to turn off their operations in as part of the country’s nationwide crackdown on corruption.
Read more »
The student loan payment pause favors the wealthy by $20 billionLast week, UVA professor Sarah Turner posted a piece at Brookings on the regressive nature of the federal student loan payment pause titled “Student loan pause has benefitted affluent borrowers the most, others may struggle when payments resume.” It’s a worthwhile read, and focuses on the source of…
Read more »
Dum idea: Buttigieg wants to spend $20 million on female crash dummiesAmid inflation and rising national debt, Transportation Secretary Pete Buttigieg is asking Congress to spend $20 million to develop female crash dummies for car testing as part of his department&8…
Read more »