June 16, 2024

The Queens County Citizen

Complete Canadian News World

GM is back in Quebec

GM is back in Quebec

Twenty years after the closure of the Boise Bryand plant, General Motors (GM) is returning to Quebec in Beaconcore to build a $ 500 million battery cathode factory with the support of POSCO and the government.

“GM’s return to Quebec is great news. We will join the North American supply chain, ”said Francois-Philippe Champagne, Minister of Innovation, Science and Industries, in Montreal yesterday.

“What happens in Beaconcore is used for all GM plants in North America,” he added with a smile in his voice.

On this occasion, he summoned the media to a GM dealership in Montreal with the glittering bolts of Quebec Energy, Jonathan Julian and the Ministers of Environment, Benoit Charrett.

Finance Minister Pierre FitzGibbon remotely participated in a mission to Israel, like GM Canada CEO Scott Bell, who is not on site.

Three days after the announcement of German billionaire BASF’s billion-dollar active cathode materials (CAM) manufacturing plant in Beaconcore, GM’s new $ 500 million, 200-job plant provided music to the ministers’ ears pushing the battery sector.

Some details on help

In turn, François-Philippe Shampagne and Pierre Fitzgibbon said they were ready to put the money on the table to welcome the American manufacturer, without providing further details at this time.

“We are talking about 200 jobs for the first phase. All financing is in line with the commitments of GM and POSCO, ”explained Pierre FitzGibbon when asked about job guarantees.

Five years ago, GM finally repaid the remaining $ 110 million in interest-free debt associated with its closed Boise Bryand plant.

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Today, however, in the race for electric vehicles, automotive giants such as GM are keeping their marbles to protect their battery materials from being out of production.

To achieve this, GM is counting on Quebec and the new Beaconcore utility to produce active cathode materials for its batteries.

This technology penetrates into vehicles such as the Chevrolet Silverado EV, GMC Hummer EV and Cadillac LYRIQ.

Last December, GM and POSCO publicly announced the formation of a chemical management joint venture. However, the site was not disclosed for a processing plant in North America.

It will be Quebec.

In recent months, 100% of electric cars have been recalled as an alternative to the Bolt (GM) and Kona (Hyundai) due to fire hazards.

GM in Quebec

New GM and POSCO battery cathode factory in Beaconcore

  • Jobs created: 200
  • Total public assistance: Not known at the moment

Former GM plant in Boise Bryand

  • Number of employees: 1200
  • Public Assistance: Loans $ 220 million ($ 110 million Ottawa and $ 110 million Quebec)

Source: GM and MarketScreener

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