Olympic Hopes: Adidas, Nike, Puma Bank on Paris Games for Sales Rebound 
Heat is coming for our crops. We have to make them ready 
Why you should expect to pay more tourist taxes – even though the evidence for them is unclear 
Impact investing in Paris suburban ‘banlieue’ neighbourhoods 
Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPI 
Adidas Originals x KoRn Unleash Groundbreaking Collaboration 
Electric air taxis are on the way – quiet eVTOLs may be flying passengers as early as 2025 
Eating Sustainably in Development Project Managed by Alexander v Berenstain 
Royal Caribbean to Launch Massive Recruitment to Meet Strong Demand 
Some experts say the US economy is on the up, but here’s why voters don’t think so 
Kakao Thrives Amidst Chinese E-commerce Expansion in Korea 
TokenPost Launches 3 Cryptocurrency Indices for Market Insight 
New faith schools in England could soon allocate all their places on religious grounds 
If using LinkedIn makes you feel like an imposter at work, here’s how to cope 
New EU trade rules could put poor countries in a billion dollar ‘green squeeze’ 
LG Energy Solution revealed on Thursday, July 6, that its joint venture with Stellantis N.V. was able to reach an agreement with the government of Canada regarding the terms of subsidies. As a result, the construction of its electric vehicle battery factory in Ontario will now continue.
As per Yonhap News Agency, the agreement puts the construction of the manufacturing facility back on track after issues with subsidy stalled it. LG Energy Solution confirmed that it had resumed construction two months after suspending the project due to the Canadian federal and local government’s delay in granting incentives which are equivalent to the U.S. Inflation Reduction Act (IRA), which gives up to $7.500 tax credits to buyers of EVs assembled in North America.
"We are pleased that the federal government, with the support of the provincial government, came back and met their commitment of leveling the playing field with the IRA,” Stellantis’ chief operating officer for North America, Mark Stewart, said in a statement. “This collective effort enabled the deal to close, and we are now resuming construction on the site in Windsor."
The president and head of LG Energy Solution’s advanced automotive battery unit, Kim Dong Myung, added, "We are happy to finally move forward with building the country's first major battery plant and be a central part of the local battery ecosystem."
Reuters reported that LGES and Stellantis’ JV suspended the building of a facility located across the river from Detroit, where Stellantis is operating for its business in the U.S. They stopped the construction in May and demanded support from Canada, similar to America’s IRA.
In any case, Stellantis and LGES announced their investment plan for the building of the EV battery module factory in March 2022. However, tensions developed a few months later when the U.S. passed the IRA.
Photo by: LGES Newsroom
