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Umicore halts $2.7B battery project due to EV sales decline

cbc.ca — July 26, 2024, 04:00 PM UTC

Summary: Umicore Rechargeable Battery Materials Inc. has halted construction of its $2.76 billion battery components plant in Loyalist Township, Ontario, due to declining electric vehicle (EV) sales. The project, which began in 2023, was expected to receive up to $551.3 million from the federal government and $424.6 million from the provincial government. Umicore cited a significant downturn in EV market conditions affecting the supply chain.

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Timeline:

  1. [3.6]
    St. Thomas EV plant construction continues amid Ontario halt (london.ctvnews.ca)
    40d 2h
    Source
  2. [3.6]
    Umicore halts $2.76 billion Ontario battery plant construction (CP24)
    42d 10h
    Source
  3. [4.6]
    Umicore pauses $2.8 billion EV battery plant construction (theglobeandmail.com)
    42d 23h
    Source
  4. [3.9]
    Umicore halts $2.76B Ontario battery plant construction (thestar.com)
    43d 0h
    Source
  5. [3.8]
    Umicore pauses Ontario battery plant due to EV sales decline (thestar.com)
    43d 3h
    Source
  6. [3.2]
    Umicore reports Q2 2024 revenue decline, reassesses strategy (seekingalpha.com)
    43d 3h
    Source
  7. [4.7]
    Umicore reports €1.6bn writedown amid EV sales decline (Financial Times)
    43d 15h
    Source