As some Ontario plants hit the brakes, are Canada's EV ambitions under threat? [BNN Bloomberg (Canada)]
UMICORE SA UNSP/ADR (UMICY)
NASDAQ:AMEX Investor Relations:
umicore.com/en/investors
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Source: BNN Bloomberg
It was, Prime Minister Justin Trudeau said at the time, “big news” that Belgium-based Umicore chose Loyalist Township for its battery component production facility — evidence, the federal and provincial governments said, of success in the quest to make Canada a global electric-vehicle production hotspot. But two years later, spending on the construction of the Umicore plant has been delayed in what the company calls a “significant worsening of the EV market context.” It's not the only EV project facing delays, despite billions in public subsidies on offer. Trudeau's Liberal government, which promised to end the sale of gas vehicles by 2035, is getting long in the tooth, and consumer demand is slowing amid political uncertainty. Experts suggest these are the growing pains of an industry that needs more time to develop. But that's not much comfort to the mayor of Loyalist Township, home to some 18,000 people near Kingston, Ont. “It was a very concerning announcement for the ent
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