Hyperdrive
Stellantis Gets $11 Billion From Canada, Surpassing Volkswagen’s Subsidy
- Ontario agrees to cover a third of cost of both projects
- Deal ends months-long standoff over fate of battery plant
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Prime Minister Justin Trudeau upped the ante on corporate subsidies in his bid to keep Canada competitive as generous US green incentives threaten to lure business investment stateside.
His government reached an agreement with Stellantis NV this week on C$15 billion ($11.3 billion) in public support for an electric-vehicle battery plant, ending a standoff that began in May when the carmaker halted construction on the project.