17:06:39 EDT Tue 21 May 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 286,122,040
Close 2023-07-05 C$ 75.03
Market Cap C$ 21,467,736,661
Recent Sedar Documents

Globe says Magna, others see gov'ts strike battery deal

2023-07-06 08:11 ET - In the News

Also In the News (C-LEV) Lion Electric Company (The)
Also In the News (C-LNR) Linamar Corp
Also In the News (C-MRE) Martinrea International Inc
Also In the News (C-TAIG) Taiga Motors Corp

The Globe and Mail reports in its Thursday edition that Stellantis and LG Energy Solution have reached a new deal with the federal and Ontario governments for as much as $15-billion in subsidies for their electric-vehicle battery factory in Windsor. The Globe's Adam Radwanski and Laura Stone write that Ontario Economic Development Minister Vic Fedeli said Queen's Park is footing one-third of the bill and Ottawa covering the rest. He called the agreement a "historic new auto pact" that recognizes the challenges posed by the Inflation Reduction Act in the U.S., which he said would have put an end to Ontario's new auto opportunities were Canada not willing to match the financial supports the U.S. offers for these sorts of facilities. News of the resumption of construction at the facility, which the companies say will create about 2,500 jobs, was quickly welcomed by organized labour. Lana Payne, the national president of Unifor, issued a statement thanking both Prime Minister Justin Trudeau and Ontario Premier Doug Ford, along with the company, for reaching a deal. "We knew the high stakes. We knew these commitments had to be kept because the alternative would have been unthinkable for so many workers," Ms. Payne said.

© 2024 Canjex Publishing Ltd. All rights reserved.