Umicore says it has halted spending on a $2.76-billion battery supplies plant in jap Ontario.
The worldwide supplies firm says it made the choice due to scaled-back expectations for progress within the electrical car market.
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Final October, the federal authorities dedicated to place $551.3 million towards the undertaking and the Ontario authorities mentioned it will spend as much as $424.6 million in capital prices.
The plant was set to construct cathode lively supplies and precursor cathode lively supplies.
Umicore says it’s conducting a strategic assessment of its battery supplies and can present an replace within the first quarter of subsequent yr.
The plant had beforehand anticipated to start manufacturing in 2026 and create round 600 jobs.
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