Honda, Toyota in Canada's Sights With New EV Tax Incentive [BNN Bloomberg (Canada)]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: BNN Bloomberg
Canada's federal budget, released on Tuesday, unveiled a new 10% tax credit on the capital cost of buildings used for EV manufacturing — but only if companies make a significant bet on locating other portions of their supply chains within Canada. That tax credit, projected to cost C$1 billion by 2035, can be stacked on top of a 30% tax credit for the equipment costs of EV manufacturers, a measure announced last year. The budget document said the tax credit is meant to encourage companies to “choose Canada for more than one stage in the manufacturing process,” which would create more jobs and “help cement Canada's position as a leader in this sector.” The new tax incentive underscores a shift in the government strategy as it tries to keep pace with the US as a destination for manufacturers. Last year, Volkswagen, Stellantis and Northvolt all received massive production-subsidy packages in exchange for building their battery assembly plants in Canada. But when it comes to Honda
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