Quebec, Ottawa pledge $300 million for GM electric car battery component plant
The governments of Quebec and Canada have announced $300 million in funding for a factory that will make components for electric vehicle batteries in Bécancour, Que., located about halfway between Montreal and Quebec City.
The $600-million factory, a joint project between automaker General Motors and South Korean industrial materials maker POSCO Future M, was first announced by the companies last year.
The factory will manufacture cathode-active materials, a key component of lithium-ion batteries found in electric cars, and is expected to employ around 200 people when it opens in 2025.
Quebec Premier François Legault said the factory, which is already under construction, sends a signal that Quebec is open to investment from international companies as he attempts to make the province a leader in green energy.
"We have an exceptional opportunity," he told reporters in Bécancour. "We have Hydro-Québec, so we have clean energy. We have strategic minerals, like lithium."
Legault said his government is lending the companies $152 million, of which $132 million will be forgiven if the factory maintains the promised jobs for 10 years.
"It's win-win for Quebec," he said, adding the jobs will lead to higher tax revenue for the province.
The project is part of a larger green energy corridor that includes Bécancour and the nearby cities of Trois-Rivières and Shawinigan, which are home to a number of companies and research institutions doing work related to electric vehicles, Legault said.
Federal Industry Minister François-Philippe Champagne told reporters Ottawa will provide a "contribution" of up to $147 million, but he did not specify the nature of the funding.
South Korean Ambassador Lim Woongsoon told the news conference the investment in the factory is a sign of the strengthening friendship between Canada and his country.
The announcement comes a little more than a week after automaker Ford announced it would buy thousands of tonnes of lithium hydroxide — a component in electric car batteries — produced by Quebec company Nemaska Lithium at its Bécancour plant.
This report by The Canadian Press was first published May 29, 2023.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.