10:14:29 EDT Mon 28 Sep 2026
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Volkswagen CDR (CAD Hedged)
Symbol VWA
Shares Issued 80,000
Close 2026-09-25 C$ 7.60
Market Cap C$ 608,000
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Globe says Volkswagen delays giant battery plant

2026-09-28 07:13 ET - In the News

The Globe and Mail reports in its Saturday edition that a subsidiary of Volkswagen Group has delayed by two years the opening of its electric-vehicle battery plant in Ontario, in another setback to Canada's hopes of creating an EV manufacturing sector. The Globe's Eric Atkins and Jeff Gray write that PowerCo Canada said in a press release on Thursday that the battery plant in St. Thomas, Ont., will begin operation in 2029 rather than the 2027 target set when the $7-billion project was announced in 2023. The company said at the time the project will be its largest battery plant and employ as many as 3,000 people. PowerCo on Thursday described the project as "demand-aligned." The province's Economic Development Minister, Vic Fedeli, said the announcement was actually good news, as PowerCo has signed a deal with a major contractor to go ahead with the massive plant. "I think to me, the news yesterday was extremely exciting. I know there's different takes on it, but for me, there are now shovels in the ground," Mr. Fedeli told reporters Friday in Toronto. "The company has been hired, awarded a contract. There's a $7-billion building and infrastructure being built there. To me, that's nothing but good news."

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