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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