There’s good news coming this week for the auto industry in Ontario. According to a source very familiar with the matter, Stellantis and LG Energy Solution have chosen the province to locate its future battery plant.
The official announcement is expected this coming Wednesday, March 23.
The Canadian government's incentives for clean energy companies have helped attract this kind of investment, according to the same source, who asked not to be identified since the news is not yet public. They spoke with Bloomberg website.
Recall that back in October, Stellantis and LG Energy said they were planning to build a battery cell factory in North America. Since then Stellantis has been making a succession of announcement regarding electrification and the models it markets on our continent. The company wants 40 percent of the vehicles it will deliver on the U.S. market to be all-electric by 2030.
Both companies have said they want production at the new plant to begin in early 2024.
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An LG Energy spokesperson said there was no information to share on the matter yet. Representatives from Stellantis and the Canadian Embassy in Seoul did not immediately respond to Bloomberg's requests for comment.
Ontario Minister of Economic Development, Job Creation and Trade Vic Fedeli said he was “confident that the province will be home to at least one electric vehicle battery manufacturing plant before the June election.”
If the news is confirmed this week, it will the latest in a series of similar announcements made over the past few months. Battery factories will start popping up all over North America and elsewhere in the world, further proof that the shift to electric is serious.