Innovation Minister Francois-Philippe Champagne says the world has begun to take notice that Canada has all the right factors when it comes to investment in the auto industry.
Champagne, speaking with BNN Bloomberg from the 2024 Canadian International AutoShow in Toronto, said global players have opened themselves to the opportunities that Canada can provide.
“The world has realized that we have the talent, we have the strong ecosystem, we have the critical minerals and proximity to the assembly line, the resources … and access the market,” Champagne said in the television interview on Friday.
“It makes Canada, in a world where you see a lot of turbulence, very stable, very predictable.”
The federal government has made a big push in recent years to attract investment from electric vehicle manufacturers, offering as much as $15 billion in production subsidies to Stellantis NV, $13 billion for Volkswagen AG and $4.6 billion for battery maker Northvolt AB.
Now, Honda is in talks to expand its footprint in Canada, with a bigger manufacturing facility in Ontario and potentially a new battery plant in Quebec, sources told Bloomberg News last week.
Champagne said these major investments were meant to keep up with the Inflation Reduction Act from the U.S., but are likely to be much smaller and different in the future as the act hits a “cliff” after 2023.
“Now, you’re seeing others who want to complement the supply chain and I think what we’re saying to the world now is that Canada is about the most complete supply chain,” he said.
Last week, Canada topped BloombergNEF’s Global Lithium-ion battery supply chain ranking, marking the first time China has not held the top spot. The report highlighted Canada’s “consistent manufacturing and production advances” for its spot as the new world leader in battery supply.
Champagne said his phone has been ringing about more investment opportunities since the ranking came out.
“People realize that Canada is the place to be, we own the podium,” he said. “It’s a very good base to be able to attract future investment in the country.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
