Volkswagen picks Ontario town for new EV battery facility
Volkswagen subsidiary PowerCo will establish an EV battery manufacturing facility in St. Thomas.
Ontario, start your engines.
Volkswagen, Europe’s largest automaker, announced that its subsidiary PowerCo will establish an electric vehicle (EV) battery manufacturing facility in St. Thomas.
Volkswagen Group is one of the world’s largest automakers, $406 billion in revenue 2022. It manages a portfolio of ten companies.
Following this announcement, François-Philippe Champagne, Canada’s minister of innovation, science and industry, Vic Fedeli, Ontario’s minister of economic development, job creation and trade, called the move a major vote of confidence in Canada and Ontario.
“This historic investment is a testament to Canada’s strong and growing battery ecosystem and Ontario’s competitive business environment. With a highly skilled workforce, clean energy, an abundance of critical minerals, access to markets, and a flourishing automotive and battery sector, we are an attractive investment destination with everything companies need to grow,” they said. “In addition, Canada and Ontario offer stability and predictability to their business partners.”
The ministers added that the investment is a significant step towards building a clean transportation sector to meet global and North American demand for zero-emission vehicles.