https://www.theglobeandmail.com/
Stellantis NV STLA-N and LG Energy Solution have reached a new deal with the federal and Ontario governments for as much as $15-billion in subsidies for their electric-vehicle battery factory in Windsor, bringing an end to a months-long saga in which the companies halted construction on the project while they pushed for greater financial backing.
The agreement was announced by Stellantis late Wednesday afternoon through a press release. It was subsequently confirmed by Ottawa in a statement issued by Industry Minister François-Philippe Champagne and Finance Minister Chrystia Freeland. Construction of the plant will resume immediately, according to Stellantis.
Ontario Economic Development Minister Vic Fedeli told The Globe and Mail on Wednesday that the deal will be worth “up to $15-billion,” with Queen’s Park footing one third of the bill and Ottawa covering the rest.
He called the agreement a “historic new auto pact” that recognizes the challenges posed by the Inflation Reduction Act in the U.S., which he said would have put an end to Ontario’s new auto opportunities were Canada not willing to match the financial supports that the U.S. offers for these sorts of facilities.
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