Stellantis is announcing major investments in electric vehicle manufacturing, including retooling the Windsor Assembly Plant and building two new research and development centres.
Ontario is attracting a $3.6 billion investment from Stellantis in the automaker’s Windsor and Brampton plants.
The investments are expected to accelerate the creation of one of the most vertically integrated electric vehicle supply chains in North America.
Stellantis will retool and modernize the plants in Windsor and Brampton, converting them to flexible, multi-energy vehicle assembly facilities ready to produce the electric vehicles of the future. Officials say the Windsor Assembly Plant will return to a three-shift operation when the changes are in place.
The company will also build two new research and development centres focusing on electric vehicles and EV battery technology.
Ontario is supporting all these critical investments with up to $513 million, with a matching investment from the federal government.
“Ontario has everything it needs to be North America’s auto manufacturing powerhouse once again,” said Premier Doug Ford. “Where other governments stood by and watched jobs flee this province, we are getting it done and ensuring that cars of the future are made in Ontario by Ontario workers.”
Stellantis will build a new, flexible, multi-energy vehicle assembly line at its Windsor plant. The strategic retooling will diversify the company’s capacity by introducing battery-electric or hybrid models to the production line to meet growing consumer demand for low-emissions vehicles. Ontario is supporting the retooling with a commitment of up to $287 million.
“These investments re-affirm our long-term commitment to Canada and represent an important step as we move toward zero-emission vehicles that deliver on our customers’ desire for innovative, clean, safe and affordable mobility,” said Mark Stewart, chief operating officer, FCA – North America.
“We’re grateful to both the Federal and Provincial governments for their shared vision to create a sustainable future. And to Unifor and our workforce for their support in helping ensure the viability of our Canadian operations for the long-term.”
The Unifor Windsor Regional Environment Council released a statement Monday afternoon applauding the announcement.
“It is proof-positive that the environment and the economy can both be successful at the same time. These good-paying auto sector jobs will build the clean electric vehicles of the future while protecting our environment and reducing greenhouse gases while having a positive impact on global warming at the same time,” council president Richard St. Denis said. “Canada will be a world leader in the transformative vehicle manufacturing for generations to come.”
Stellantis will also modernize its Automotive Research and Development Centre in Windsor by expanding and building two Centres of Competency.
The Electric Vehicle and Battery Pack Testing Centres of Competency is expected to establish Ontario as a major R&D hub for the company across all stages of production – from design to development.
In addition to R&D, the centres aim to provide major opportunities for local talent, universities, colleges, and start-ups to participate in the development of Ontario’s EV ecosystem.
The hubs will be central to Stellantis’ R&D operations in North America and serve the company’s worldwide needs for technology, process and product development. Ontario is supporting the R&D investment with a commitment of up to $94 million.
“We are in the middle of the biggest revolution in the auto industry since the conception of the assembly line in 1913. Now, because of Unifor’s auto-bargaining vision, Ontario is well placed to play an essential role in the new motoring revolution,” said Dave Cassidy, Unifor Local 444 president.
At its Brampton Assembly Plant, Stellantis will install a flexible assembly line capable of producing battery-electric and hybrid vehicles. This overhaul will diversify the automaker’s capacity to meet growing consumer demand for low-emission vehicles. Ontario’s commitment of up to $132 million helps secure the long-term future of the facility in Brampton.
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.
