Construction of $2.7B Battery Plant in Ontario Halts Amid Falling EV Demand

Published on July 28, 2024

Less than a year after breaking ground, the company that’s building a major rechargeable battery manufacturing plant in Ontario says it is halting that project due to declining demand for electric vehicles (EVs). Umicore Rechargeable Battery Materials Canada Inc. is taking “immediate action” to address a “recent significant slowdown in short- and medium-term EV growth projections affecting its activities,” the company said in a July 26 press release. This includes delaying the construction of its battery materials plant in Loyalist Township, about 25 kilometres northwest of Kingston, Ont. “The large impairment of our Battery Materials assets is painful and reflects the changed situation as we see it today,” Umicore CEO Bart Sap said in the press release....

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