‘Demand is growing and growing fast’: Quebec electric vehicle company gets help to build $185 million battery assembly plant – by Gabriel Friedman (Financial Post – March 16, 2021)

https://financialpost.com/

Ottawa and Quebec pitch in loans for a crucial piece in the EV supply chain that could help position the province for future growth in the sector

Montreal area-based Lion Electric Co. announced Monday it’s building a $185-million lithium-ion battery assembly plant in Quebec — a crucial piece in the electric vehicle supply chain that could help position the province for future growth in the sector.

The company, which manufactures electric trucks and buses in St. Jerome, Que., said the federal and Quebec governments are each lending $50 million to help advance the project, which is expected to create an additional 135 jobs, and produce around 14,000 batteries once operational in 2023.

The announcement came at a press conference on Monday with Prime Minister Justin Trudeau and Quebec Premier Francois Legault, among other dignitaries, in front of a Lion electric school bus and truck.

It marks the latest example of the federal government working with a province to help bolster the electric vehicle industry, having announced a roughly $600-million deal with Ontario in October to refit a Ford Motor Co. plant in Oakville for electric vehicle production.

The funding comes as major automakers, from General Motors Corp. to Volkswagen AG and others, shift away from internal combustion vehicles over the next decade toward electric vehicles.

For the rest of this article: https://financialpost.com/commodities/energy/demand-is-growing-and-growing-fast-quebec-electric-vehicle-company-gets-help-to-build-185-million-battery-assembly-plant?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1615842794

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