Automakers cut 56,700 vehicles from their global production plans last week because of the microchip shortage, all in North America and Europe.
Ford will have lost US$6 billion on EVs over three years but believes it can reach profit margins of eight per cent on EVs and 10 per cent companywide by the end of 2026.
The auto, battery and clean energy industries have been awaiting guidance on complex questions governing eligibility for hundreds of billions of dollars of incentives in the Inflation Reduction Act, signed into law last year.
Brendan Sweeney, managing director of the Trillium Network for Advanced Manufacturing, says Volkswagen’s decision to build an EV battery plant in Canada might go down as the biggest automotive win in the country’s history. He explains how many direct and indirect jobs the plant will support, tells us what the plant says about Canada and says the government is justified in financially supporting such a venture with taxpayer money.