Big things are in store for Canada's EV industry in the near future. For years now Canada has taken the initiative on sustainability in industry becoming a leader in decarbonizing its steel and aluminum industries, and now those efforts are being recognized by auto-industry leads and international manufacturers looking to transition into EV.
Canada's Battery Ranking
In a recent report, BloombergNEF has ranked Canada as the second leading country in lithium-ion battery supply chain just behind China, and ahead of the US. According to that report, Canada's main strengths are its access to raw materials and industry, innovation and infrastructure, but falls short in downstream demand compared to other leading countries. However, with increasing EV adoption rates and energy storage demand for buildings we can expect to see growing demand. The table below shows BNEF's rankings:
The ranking isn't just for show, in early December Volkswagen Group announced that they were looking for a North American location for their battery giga-factory, with Canada as one of the top candidates. A non-binding memorandum of understanding was signed by both the Canadian minister for Innovation, Science and Industry and the CEO of Volkswagen AG during the minister's visit to Germany to meet with auto manufacturers.
With high profile developments like the planned $1.5B battery factory outside of Kingston Ontario and the aforementioned Volkswagen discussions, Canada is rapidly ramping up its EV industry. As the country begins to manufacture its own batteries and vehicles we can expect to see more EVs on the road and more demand for home and public charging.
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