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Stellantis Sells Stake in $5 Billion Ontario Battery Plant for Just $100
In a major shift in the electric vehicle market, Stellantis is selling its 49% stake in the Windsor, Ontario, battery plant to its partner, LG Energy Solution, for just $100 US. The move is part of what Stellantis CEO Antonio Filosa calls a “decisive reset”.
“We are resetting our product plan and our EV supply chain, to reflect much more real customer demand and shifting regulation,” Filosa said. Despite the exit, he noted Stellantis remains a customer, calling the deal a “smart, strategic step”.
LG Energy Solution now holds full ownership of the NextStar Energy facility. CEO David Kim stated that full ownership allows the company to “respond swiftly to the growing demand” and secure additional North American customers.
Ontario Premier Doug Ford downplayed the impact on the province’s auto sector, noting the plant’s 1,300 employees. “Stellantis is making a financial decision… I think it was a good business decision, to be frank with you,” Ford said to The Canadian Press.
Nearly four years ago when this Windsor plan was announced, François-Philippe Champagne, then Minister of Innovation, Science and Industry, said the “announcement is great news for Canadian jobs and the future of Canada’s economy,” adding “we are seeing the largest investment in Canada’s auto sector, and it is clear that companies recognize Canada’s strong position as a global leader for EV battery manufacturing.”
The move follows a major reset by Stellantis, which announced a US$26.2 billion (22.2 billion euro) write-down tied to its electric vehicle strategy.
Ottawa has previously committed up to a whopping $10 billion in production subsidies for the project, with the Ontario government contributing another $5 billion. In November, the companies said batteries produced at the plant would be redirected toward power grid storage systems, rather than being used mainly in electric vehicles as originally planned.
The federal government recently adjusted its strategy, dropping EV mandates in favour of stricter emissions standards, while bringing back the $5,000 federal EV rebate. Prime Minister Mark Carney emphasized that “the future of the auto industry is increasingly electric and connected”.
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i suggest there should be a law past that all political persons should be liable for every dollar they propose. if this means they need insurance for themselves, they need to pay for it on their own. They have continued to show that they care not about the citizens dollars that they extract. Time for them to pay for their errors in judgment.
Political money laundering at its finest.it has to stop these corporations are contently taking our tax dollars,for what.
Ya and cut my property tax from 700 a month to 0 om a senior citizen making less than immigrants with 5 kids…
There would be zero politicians at any level. Why is this an error in judgement? Same factory. Same workers.
“I suggest that a law should be passed”
Fixed for you.
Canada is slipping into a recession after years of mismanagement. If the government had put that amount of subsidy into affordable housing we wouldn’t have so many homeless.
Carney wants higher housing costs only for the rich.
No body fucking wants evs
Ya people want what’s practical and affordable. And don’t want to see you wasting giving tax payer money to corporations so the can sell off funding projects
Esp chineese evs carney is a failure
Kinda funny after you touted you did 4 years ago
They have shown they are more than willing to fork out millions for a single job that wouldn’t pay a decent wage and that job will likely not last past the next election cycle.. you could only get away with that in government.
15$ hr in a factory or a timmies which sucks now too
Fake deals tax evasion doug ford mark carney killing canadians . While we suffer with 0 oh and the gst rebate scam they are getting rid of gst.
They should be charged for dumping the plant shares well below market value. They should also be charged for tax evasion as the sales tax on the sale will be next to nothing. Take the plant as remedy, to send a message to the corporate scum of the world that we are not cuck marks waiting to be exploited.