Canada closing in on deal to get Stellantis battery plant back on track: Champagne cdnpoli
Champagne said the company has to be “reasonable.”
That legislation compelled Canada to sign an agreement with Volkswagen to subsidize batteries made at a planned new plant in St. Thomas, Ont., that could be worth up to $13 billion over a decade. The subsidies are directly proportionate to the tax credits on offer under the IRA, which start at a tax credit of $35 per kilowatt hour from now until 2030, when they begin to be phased out. By 2033, they will be eliminated.
The Stellantis plant is have an annual production capacity of 45 gigawatt hours, which could make enough batteries for more than 400,000 vehicles a year, with the first production happening as early as 2024.
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If Canada wants a Stellantis battery plant, it has to ‘pony up,’ says analystGreg Mordue, associate professor at McMaster University and former auto executive, tells BNN Bloomberg that Canada used to provide 20 per cent of the capital cost of an automaker’s project, but the U.S. Inflation Reduction Act forced the government to provide 200 per cent of the Volkswagen EV battery plant’s capital cost, and Stellantis will demand similar terms.
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