Umicore Rechargeable Battery Materials Inc. confirmed Friday its battery components plant in Loyalist Township is delaying construction, citing slowing EV sales. After breaking ground in 2023, the company building a plant to produce battery components for electric vehicles in a municipality near Kingston, Ont., says it's delaying construction of the plant citing a slowdown in EV sales.
The province was to pay up to $424.6 million, but a source familiar with the project said that as of today, no provincial money has flowed to Umicore. "For Umicore, customers' demand projections for our battery materials have steeply declined recently," the statement reads.
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