WINDSOR/CMEDIA: Ontario’s first large-scale electric vehicle (EV) battery manufacturing plant is being built with the joint support of federal and municipal governments, LG Energy Solution, and automaker Stellantis by investing more than CDN $5 billion (USD $4.1 billion), a news release has said.
The joint venture between LG Energy Solution, Ltd. (LGES) and Stellantis N.V. will invest more than CDN $5 billion (USD $4.1 billion) to build a facility in Windsor to manufacture batteries for EVs in Canada, representing the largest automotive manufacturing investment in the history of the province. This historic automotive manufacturing investment is the largest in the history of Ontario leading the province to a path to becoming one of the most vertically integrated automotive jurisdictions in the emerging North American EV market.
An estimated 2,500 people would be employed by this battery facility, which has a production capacity of 45 gigawatt-hours (GWh) to supply Stellantis plants in the North American market. While construction activities are scheduled to begin later this year, the production operations are planned to launch in the first quarter of 2024. The facility will be fully operational by 2025.
“Attracting this multi-billion-dollar investment will secure Ontario’s place as a North American hub for building the cars and batteries of the future…Every region of Ontario will benefit with thousands of jobs being created and a stronger economy that works for everyone,” said Ontario Premier Doug Ford in the news release.
Ontario’s 10-year vision for the Driving Prosperity ― The Future of Ontario’s Automotive Sector plan will be accelerated by this investment. The transformation of the province’s automotive supply chain would be demonstrated by phase 2 of Driving Prosperity enabling Ontario to build the cars of the future. This would also include the production of hybrid and fully battery electric vehicles, EV battery, and component production, and increasing exports of Ontario-made auto parts and innovations.
The province’s position as a competitive player in the low-carbon economy of the future would be secured by this game-changing investment and advance the province’s efforts at becoming a globally competitive, vertically integrated EV battery manufacturing jurisdiction.
“Through our Driving Prosperity auto plan, strategic investments across our integrated supply chains, and by reducing the cost of doing business in Ontario by nearly $7 billion annually…Ontario’s claim as a leader in the emerging North American EV battery industry,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade in the news release.
#Windsor; #Ontario; #AutoInvestment; #ElectricVehicles