Cleaner Tech
Umicore Delays $2 Billion Ontario Plant as EV Demand Slows
- Postponement is latest blow for Canada’s nascent industry
- Freeland says government’s industrial plan still on track
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Umicore SA delayed plans for its C$2.8 billion ($2 billion) Ontario electric vehicle battery materials plant as consumer adoption falls short of expectations.
The manufacturer confirmed plans in October to build the cathode materials plant, but said in its half-year review on Friday that it would put off spending on construction pending further analysis of the maximum capacity of its current operations.