Canada’s ambitious ventures into the electric vehicle battery space face challenges in the months and years ahead amid signs of EV demand coming down from record highs, striking overcapacity issues and “alarming” price trends.
But many EV manufacturers have adjusted their sales projections lower this year. With EV sales in Europe and the U.S. missing estimates so far in 2024, energy research firm Wood Mackenzie says carmakers and governments are shifting their focus to hybrids, putting “five million battery electric vehicle sales at risk” and reducing “installed battery capacity in the U.S. by 23 per cent and in Europe by 20 per cent.
Sekine says Powerco’s St. Thomas, Ont., plant is surely also the subject of internal conversations as VW executives watch the market. VW recently signalled it would delay a decision on a fourth European battery factory, Jayanthan writes. "There is already fierce competition among governments to ensure the development of local supply chains. EVs and batteries will remain a central part of many countries’ industrial policy over the coming decades.
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