We must face an uncomfortable truth: Canada’s automotive and EV manufacturing strategy, touted as a generational opportunity to drive economic growth, jobs and environmental leadership, has failed quickly and dramatically.
The federal and Quebec governments made a bad $4.6-billion dollar bet on Northvolt, a Swedish EV battery manufacturer, which has entered bankruptcy less than two years since a $7-billion investment announcement. The $270-million invested by Quebec in Northvolt’s parent company in Sweden is now “lost,” confirmed the provincial government in March.
