Ontario says there is $17B worth of potential investment in EVs, batteries | Canada News Media
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Ontario says there is $17B worth of potential investment in EVs, batteries

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Ontario’s pipeline of prospective investments in the electric vehicle and battery supply chains runs to at least $17 billion as global investors continue to look at putting down roots in North America, according to the province’s minister of economic development, job creation and trade.

“We won’t win it all, but we sure as hell are going to win a chunk of it,” Vic Fedeli told attendees at the Prospectors & Developers Association of Canada (PDAC) convention in Toronto March 7.

Between retooling projects at assembly plants, a $5 billion battery cell commitment in Windsor, Ont. and other related spending, Fedeli said Ontario has netted $17 billion in industry investment over the past two years, and has “at least that in the pipeline.”

While much of the previous spending was concentrated toward the vehicle assembly end of the industry, the province’s prospects are now moving upstream, Fedeli added. He pointed to companies that produce cathode and anode material, as well as copper foil and separators for batteries as likely to make up a larger portion of the next wave of investment in Ontario.

Fedeli also predicted Ontario would land its first lithium processing plant in the northwestern part of the province soon. Several lithium mining projects are advancing north of both Thunder Bay and Kenora, Ont., and the material will need to be processed locally, he added.

‘ALL OF THE RIGHT PIECES’

“We have all of the right pieces in place to make Northern Ontario part of the auto sector for the first time in 100 years.”

Among other assessments taking place, two Ontario-based miners — Avalon Advanced Materials Inc., and Frontier Lithium Inc., — are each developing mines with local processing plants in the region. Avalon is already pursuing sites for a lithium hydroxide plant in Thunder Bay, while Frontier says it is planning a plant in the “Great Lakes Region.”

Minister of Mines George Pirie, meantime, told PDAC attendees that local processing of minerals mined in Ontario will “feed the battery-electric vehicle revolution.”

“We want to combine the mineral endowment of Northern Ontario with the manufacturing might in southern Ontario.”

To extend the recent string of investments in the province to the mining sector, the government introduced legislation March 2 designed to slim down approval timelines for mines.

“If we’re going to secure our minerals, we have to get them out of the ground and we have to create conditions that allow these minerals to be extracted in an efficient and effective way,” Pirie said, noting that past development timelines of up to 15 years are “absolutely too long.”

Among other changes, the proposed amendments to the Mining Act would allow for greater flexibility in how mines can be rehabilitated once closed, as well as add more options for corporate financial assurance payments, which are used to pay mine closure costs, even if a miner runs into financial trouble.

Pirie said the updated act, which is currently working its way through the legislative process, will speed approvals without damaging environmental standards.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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