Volkswagen will invest $193 billion in EVs and new technology

At St. Thomas, Ontario, Canada, PowerCo will set up a factory for making batteries for electric vehicles (EVs).

Volkswagen, the largest manufacturer in Europe, announced on March 13 that a battery production plant for electric vehicles (EVs) will be built in St. Thomas, Ontario, Canada, through its subsidiary PowerCo.

Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation, and Trade, and François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, jointly released the following statement after this announcement:

“Earlier today, VW said that it has chosen St. Thomas, Ontario, Canada, as the site for the construction of the company’s first overseas battery cell plant. The announcement of today is a significant vote of confidence in Ontario and Canada, as well as in our joint efforts to establish these two nations as global leaders in the electric vehicle supply chain.

This significant investment demonstrates the strength and expansion of the Canadian battery industry as well as the business environment in Ontario, which is very competitive. We are a desirable investment location with everything businesses need to thrive, including a highly qualified workforce, renewable energy, a surplus of essential minerals, access to markets, and a thriving automotive and battery sector. Also, business partners can rely on Canada and Ontario for stability and predictability.

“This investment is a critical step forward as we develop a sustainable transportation industry to satisfy North American and international demand for zero-emission automobiles.

“We will keep building on this success by expanding our EV ecosystem and promoting clean technology to generate well-paying jobs, promote economic growth, and ensure prosperity for future generations,” the company stated.

The Government of Canada and Volkswagen signed a Memorandum of Understanding with Volkswagen AG on August 23, 2022 to further cooperate across a variety of sectors to help secure Canada’s position as a manufacturer of electric vehicles and batteries and to help ensure that Canada is a preferred investment location.

More from MTDCNC