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Volkswagen deal to cost the federal government more than previously announced: PBO
A Volkswagen logo is seen on the grill of a Volkswagen on display in Pittsburgh, Feb. 14, 2013. (AP / Gene J. Puskar)
The Canadian Press
Staff
Contact
Published June 14, 2023 8:03 p.m. IST
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OTTAWA - The parliamentary budget officer says Canada's exclusive contract with German auto giant Volkswagen to build an electric vehicle battery plant in southwestern Ontario will cost the federal government up to $16.3 billion over the next ten years.
That figure is higher than what the federal government said the deal would cost taxpayers, which included a $700-million upfront capital investment and up to $13.2 billion in production tax credits.
Capital Dispatch: Stay up to date on the latest news from Parliament Hill
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Stellantis has what it needs to make decision on Windsor battery plant: Champagne
How an 'energizer bunny,' cheeseburgers and $14 billion helped Canada woo Volkswagen
Ford says Ontario offering more money to Stellantis, feds say deal is close
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PBO - Fiscal Analysis of Canada's Support for VW's EV Battery Manufacturing Plant
ADVERTISEMENT
The analysis by the PBO looks at the fiscal and economic costs and benefits of the deal in the construction phase of the facility only.
The PBO estimate includes the $700-million contribution for the construction of the plant and $12.8 billion in production support, but also estimates Ottawa will have to make additional tax adjustments that total $2.8 billion to match the benefits offered by the U.S. Inflation Reduction Act.
The analysis also estimates that the deal would create a peak of 3,100 jobs at the start of 2026, but that figure would fall to 1,400 by the end of 2027.
The federal government announced in April the details of the deal -- which would see Volkswagen build its first gigafactory outside of Europe --and promised it would create up to 3,000 direct jobs and 30,000 indirect jobs.
This report by The Canadian Press was first published June 14, 2023
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Volkswagen deal to cost the federal government more than previously announced: PBO
A Volkswagen logo is seen on the grill of a Volkswagen on display in Pittsburgh, Feb. 14, 2013. (AP / Gene J. Puskar)
The Canadian Press
Staff
Contact
Published June 14, 2023 8:03 p.m. IST
Share
More share options
OTTAWA - The parliamentary budget officer says Canada's exclusive contract with German auto giant Volkswagen to build an electric vehicle battery plant in southwestern Ontario will cost the federal government up to $16.3 billion over the next ten years.
That figure is higher than what the federal government said the deal would cost taxpayers, which included a $700-million upfront capital investment and up to $13.2 billion in production tax credits.
Capital Dispatch: Stay up to date on the latest news from Parliament Hill
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More money from Ontario needed to end 'stalemate' over Stellantis battery plant: feds
Stellantis has what it needs to make decision on Windsor battery plant: Champagne
How an 'energizer bunny,' cheeseburgers and $14 billion helped Canada woo Volkswagen
Ford says Ontario offering more money to Stellantis, feds say deal is close
RELATED LINKS
PBO - Fiscal Analysis of Canada's Support for VW's EV Battery Manufacturing Plant
ADVERTISEMENT
The analysis by the PBO looks at the fiscal and economic costs and benefits of the deal in the construction phase of the facility only.
The PBO estimate includes the $700-million contribution for the construction of the plant and $12.8 billion in production support, but also estimates Ottawa will have to make additional tax adjustments that total $2.8 billion to match the benefits offered by the U.S. Inflation Reduction Act.
The analysis also estimates that the deal would create a peak of 3,100 jobs at the start of 2026, but that figure would fall to 1,400 by the end of 2027.
The federal government announced in April the details of the deal -- which would see Volkswagen build its first gigafactory outside of Europe --and promised it would create up to 3,000 direct jobs and 30,000 indirect jobs.
This report by The Canadian Press was first published June 14, 2023
Report an error
Report an error
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STAY CONNECTED
Sea rch CTV News
Ad vertise on
C TVNews.ca
Political Ads Registry
About CTV Careers
CTV News Stox
Press Room
Editorial Standards & Policies
Contact Us
CTV News Programs
CTV National News
Power Play
W5
CTV Question Period
CTV News Channel
Local News
Atlantic Barrie Calgary Edmonton Guelph Kitchener Lethbridge London Montreal Northern Ontario Ottawa Prince Albert Red Deer Regina Saskatoon Toronto Vancouver Vancouver Island Windsor Winnipeg Yorkton
CTV News App Video Help Accessibility
Stay up to date on the latest, breaking news
Subscribe to newsletter
© 2023 All rights reserved. Use of this Website assumes acceptance of Terms & Conditions and Privacy Policy
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