October 15, 2021

The Queens County Citizen

Complete Canadian News World

Electric Battery Factory | Legalt and Trudeau reunited for the Lion

Electric Battery Factory |  Legalt and Trudeau reunited for the Lion

The Quebec Premier and the Canada Premier meet to announce funding for the Electric Battery Factory


Richard DufourRichard Dufour
Tap

Tommy ChaunardTommy Chaunard
Tap

Franకోois Legalt and Justin Trudeau will meet in person on Monday to announce financing for a battery plant project from the Lion of Quebec Builder of Electric Urban Buses and Trucks. Tap. It has a total investment of $ 180 million.

The Prime Minister of Canada and his genius from Quebec come together in an extraordinary way. Their most recent meeting is a few months before the epidemic of 2019. In fact, they have been meeting daily with the premiers of other provinces since the beginning of the health crisis.

The announcement will take place at the Palais des Congress de Montreal – the auditorium of Bibliothec et Archives natives du Quebec, where public health will allow public health advertisements in this red zone. The Palais des Congress is also used for vaccination campaigns in the metropolis, but not MM. Legalt and Trudeau live in a remote area not occupied by public health.

The financial package of the project to be announced is complex. Basically, Ottawa provides assistance in the form of funding, while Quebec’s contribution becomes a “forgivable debt”. Apology is associated with job creation by the Lion.

The loan that can be granted to the lion is therefore different from the loan that the Legalt government granted to Algom‌. Allstom received a loan, which would not be required to repay if many jobs at the plant were maintained for a specified number of years.

READ  Vaccine optimism, Looney on oil prices reached its highest level in 2 years

Last fall, Lion revealed that it planned to build a battery factory on the nearly $ 200 million project in the short term. Funding for the project has not yet been determined, and the location of the plant has not yet been determined.

Batteries made in Saint-Jerome?

The city of Saint-Jerome awarded its contract in principle in November, according to a 25-year long lease of more than 450,000 square feet of land.2 Is given to the lion. However, this agreement is conditional on the company obtaining the financing necessary to maintain its project. We then referred to the federal and regional governments.

In exchange for the right to enjoy this land for free for 25 years and a five-year property tax vacation, Lion agrees to build a factory of at least 150,000 square feet.2, With 35-foot ceilings and parking spaces. It will be possible to buy land from 10E Year.

Near the intersection with the Autorout des Laurentides, there is questionable land in an industrial zone called the Rue de Martignist.

Could not get more information from Lion executives surrounding Monday’s announcement.

Lion currently operates a battery production line at its vehicle assembly plant in Saint-Jerome. However, these batteries are produced with the help of a third party.

Lion will announce the location of the vehicle assembly plant in the United States in the near future. The current Saint-Jerome plant has a production capacity of 2,500 vehicles per year.

Plans to list Lion shares on the New York Stock Exchange are also in progress. The start of trading under the “LEV” sign is still in the coming weeks. The Lions Leap into Wall Street is a merger with Northern Genesis, a wholly-owned subsidiary whose shares are already listed under the “NGA” logo in New York.

READ  "There is no shortage of jobs here"

Beyond the Lion project, there is no shortage of things that will fuel the debate between MM. Trudeau and Legalt, whose relations are not good. There have been periodic clashes between the two leaders in recent months.

Other issues

For example, Franకోois Legalt was outraged at Ottawa’s desire to set national standards for long-term accommodation. He publicly expressed his displeasure at the delivery dates of the vaccine doses, but criticized Mr. Trudeau for not giving the provinces quickly. Not to mention the “chicken” surrounding the imposition of restrictions on travelers returning from abroad.

At the top of Francois Legalt’s list of priorities in his relationship with Ottawa was an increase in health transfers. Quebec is asking for an additional $ 2.2 billion a year to reduce the federal government’s share of spending in the sector from 22% to 35%. All states are demanding a total increase of $ 28 billion.

This issue is very important to the Legal government, whose budget will be introduced on March 25 – the date of the federal budget is not yet known, and there is a possibility of an upcoming call for general elections. Quebec Finance Minister Eric Girard has already noted that additional federal cooperation is needed to get out of the budget hole in five years. Otherwise, he warned, cutting costs is necessary, among other things. Ottawa is in deficit.

Federal money has worked well for the Legal government since the outbreak began. Quebec’s own-resource revenue (mainly taxes and tariffs) fell $ 6.9% or $ 4 billion from April to November compared to the same period last year, while all transfers from Ottawa increased by $ 18.6% or $ 3 billion. A string of ads made by Justin Trudeau in recent months.

READ  Leakage of personal data of firefighters at Desjardines