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Canada pledges $52.5B for EV sector, spurring $46B in investments and 20K+ jobs despite project delays.
Canada has committed up to $52.5 billion in federal, Ontario, and Quebec funding to support its electric vehicle sector, primarily for battery plants and suppliers, resulting in over $46 billion in promised investments and more than 20,000 jobs, though some projects have been paused due to weak EV demand and U.S. trade tensions.
The funding includes performance-based subsidies, tax incentives, and construction grants requiring companies to produce and sell vehicles to receive funds.
Experts cite historical successes like the 1978 Ford plant deal and Toyota’s Ontario retooling as evidence of long-term benefits, while critics call the strategy a costly gamble amid stalled projects.
Supporters argue such investments are essential for building a competitive auto industry and align with global trends like the U.S. Inflation Reduction Act.
Canadá promete $ 52.5B para el sector EV, estimulando $ 46B en inversiones y más de 20K empleos a pesar de los retrasos en los proyectos.