© Reuters Deputy Prime Minister Freeland vows that the Stellantis (STLA) / LG plant will move forward
Canadian Deputy Prime Minister Chrystia Freeland spoke in the House of Commons on Monday, answering questions and offering assurances that the Stellantis NV (NYSE:) / LG (KS:) battery plant will move forward in Windsor Ontario.
She said during the questioning of the leader of the National Democratic Party, Jagmeet Singh: “The answer is definitely yes.” “We’re going to make sure the deal goes forward. We’re going to make sure jobs stay in Canada. That’s why we have a $120 billion clean economy plan.”
However, Freeland stressed the importance of the Ontario government fulfilling its financial commitments in order to finalize the agreement, given the significant economic benefits the province could gain from industrial investment in Windsor.
Recent reports indicate that the Ontario government has increased its initial commitment of $500 million to the project.
“We’re going to ensure that Ontario will pay its fair share because this is a province-specific investment and we know Canada is a country of regions and regional equity is really important,” Freeland said.
“We will ensure that the company makes a reasonable offer as well.”
The Unifor Motor Council issued a statement highlighting the significance of the deal.
The council said the NextStar plant would serve as a “shelter” supplying batteries to Stellantis car assembly plants in Brampton and Windsor to support thousands of workers.
“On behalf of the Unifor Automotive Council representing more than 20,000 workers at Stellantis, General Motors (NYSE:) and Ford Motor Company (NYSE:), we call on all parties to conclude these negotiations without further delay,” the statement read.
STLA shares were down 1.23% in afternoon trading Tuesday.
