BERLIN—Volkswagen significantly increased deliveries in the first quarter despite weaker business in China, its most important single market, the German carmaker said on Friday. The group delivered 2.04 million vehicles to customers worldwide, up 7.5 percent compared with the same quarter last year, while in China, sales fell 14.5 percent to 644,500 vehicles. Sales in…
Trudeau Defends $13.8 Billion in Subsidies for Electric Vehicle Battery Plant, Hits Back at Conservatives
Prime Minister Justin Trudeau on Friday defended the federal government’s decision to spend $13.8 billion in subsidies on a new Volkswagen battery factory in St. Thomas, Ontario, while attacking the federal Conservatives for criticizing the investment. “Unbelievably, there are still those who continue to say that there is a choice to be made between protecting the…
Cost of VW Battery Plant Subsidy Raises Questions on Necessity of Securing It
There’s nothing small about the $13 billion in subsidies that Canada has promised Volkswagen to secure the automaker’s first battery plant outside of Europe, but it remains to be seen whether the deal is enough to kick start the manufacturing sector’s future. The rising sticker shock of establishing a manufacturing base for electric vehicles is,…
Canada’s EV Battery Contract With Volkswagen Could Be Worth More Than $13 Billion
German auto giant Volkswagen has secured an exclusive contract with Canada that could be worth more than $13 billion over the next 10 years to build an electric-vehicle battery plant in southwestern Ontario. Volkswagen announced last month it had chosen the city of St. Thomas, Ont., to build its first overseas gigafactory. The plant, which…
Feds Resist Disclosing Government Subsidies Given to Volkswagen for New Battery Plant
The federal industry department has so far refused to disclose to a House of Commons committee how much money the Liberals have given to the European vehicle company Volkswagen for the development of a new battery plant to be built in Ontario. The contracts were supposed to be presented by the April 17 meeting of the…
Industry Department Official Won’t Say How Much Volkswagen Was Paid to Build EV Battery Plant in Ontario
An Industry Department official has confirmed that the Liberal government paid subsidies to Volkswagen to build its first overseas electric vehicle (EV) battery cell plant in Ontario, but said the amount cannot yet be made public. Sheryl Groeneweg, the Department of Industry’s director general of advanced manufacturing, recently told the House of Commons Standing Committee on Industry…
Volkswagen to Invest in Mines in Bid to Become Global Battery Supplier
BERLIN—Volkswagen plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, the carmaker’s board member in charge of technology said. Its strategy aligns with a wider trend of carmakers seeking greater control over parts of the supply chain traditionally left to…
Volkswagen Invests in Batteries, Raw Materials in Race for Affordable EV
BERLIN—Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, it said on Tuesday. Over two-thirds of the company’s five-year investment budget announced on Tuesday is allocated to electrification and digitalization,…
Michelin to Modernize Nova Scotia Plants with $300M Investment
French multinational tire manufacturer Michelin announced on March 14 it will invest $300 million in its Nova Scotia plants, with its CEO calling them strategically important. Speaking in a press conference from the Bridgewater plant, Michelin CEO Alexis Garcin said $140 million would be potentially invested in that facility, creating 70 news jobs. This is…
Porsche AG Cautiously Upbeat on 2023 Sales After Bumper 2022
WOLFSBURG, Germany—Porsche AG expects sales to rise to as much as 42 billion euros ($45 billion) in 2023 after the luxury carmaker sped to record earnings and revenue in its first year since its initial public offering, as it boosted car deliveries. Chief Financial Officer Lutz Meschke, however, warned that supply chain issues, geopolitical strains,…
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