The government’s electric vehicle battery plant projects will likely cost a lot more than expected, the parliamentary budget officer said in a report released Nov. 17.
See the full report here:
The government recently announced $37.7 billion in funding toward the plants, with $13.2 billion going toward Volkswagen AG, $15 billion toward Stellantis NV-LG Energy Solution, and $4.6 billion for Northvolt AB. But parliamentary budget officer Yves Giroux said the numbers were announced in “isolation” and that the true cost had not been released to the public.
The PBO, who provides economic and financial analyses to parliament, released the report to “increase transparency” around the EV battery plant announcements.
The PBO estimated that more than half of the costs will be borne by the federal government, while the rest will fall to the provincial governments of Ontario and Quebec.
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