ICYMI: Stellantis pulling out of Ontario battery plant — via drivingdotca autonews
, that means that a typical 45-gigawatt factory — if built on American soil and meeting all of the IRA’s guidelines — would be eligible for incentives of US$2 billionyear until 2032.
Splitting $13 billion some 25,000 ways works out to $520,000. That’s how much every one of those jobs will cost. At an annual salary of $80,000 per job — and that would seem somewhat extravagant, since not all the jobs will be unionized — we could have paid all 25,000 of those people full salary just to stay home for six-and-a-half years.
Of course, that doesn’t account for the various corporate taxes that will fill Ottawa’s coffers over that same time frame. However, even if various business revenues account for two-thirds of the tax haul that will be generated by all those jobs, that still leaves a 10-year payback period. And that’s with a hyper-inflated estimation it’ll generate 25,000 jobs; if you use a more realistic number for job creation — say, 15,000 — the numbers look even worse.
If this scuttlebutt holds any water, then, it begs the question of why Stellantis would sign an accord with Canadian governments when it knew bigger money —bigger money — was right across the border. The company was created, you’ll remember, in 2021, with the merger of Fiat-Chrysler and France’s PSA Group, and its stocks are listed on the Euronext exchanges in Paris and Milan, as well as New York’s NYSE.
Until now. This drama over funding for Stellantis’ Windsor battery cell and module assembly plant is casting a pall over their marriage of convenience. Simply put, the feds appear to want the Ontario government to pay a larger portion of the subsidies than it did in the Volkswagen deal.
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