Federal government giving Volkswagen up to $13B in subsidies to secure St. Thomas EV battery plant

[shockedcanadian]

This doesn't even include what Ontario taxpayers are shelling out. We have been lulled into destroying capitalism in the West. Without risk, it isn't capitalism. The number is staggering and illustrates how little faith Canada has in our economy and ability to innovate. We also have to rely on Bloomberg to find sources to break the news since all levels of govt. In Canada refuse to inform the silly peasants regarding the detals of how much of their debt is going to VW https://www.cbc.ca/news/politics/volkswagen-subsidies-stthomas-1.6816824#:~:text=The federal government has agreed to give Volkswagen,builds its electric-vehicle battery plant in southern Ontario.

The federal government will provide annual production subsidies to the German automaker and kick in funds for the massive factory in St. Thomas, which is estimated to be the size of 391 football fields, making it the largest factory in Canada.

Bloomberg News first reported the subsidy amount. Sources with knowledge of the deal have confirmed the details of the contract with CBC News.

According to details of the deal, federal production support for the plant is expected to range from $8 billion to $13 billion over 10 years.

Ottawa is also offering about $700 million in capital expense grants to Volkswagen through its Strategic Innovation Fund