PowerCo SE

Although the agreement hasn't been signed, the largest project is Valencia, with 2.26 billion euros of planned investment, an annual cell capacity of 30 gigawatt hours a year.

Goshen could acquire 49% of Powerco Spain through a capital increase, leaving Volkswagen's Powerco in control with still 51%.

In Slovakia, about 480 million euros of investment supports annual battery capacity of 8.4 gigawatt hours.

This one, Goshen would own the majority, 51%.

Powerco at 49.

Another 480 million euros is planned for an LFP cathode materials venture in Morocco.

Annual output of around 100,000 metric tons with supply prioritized for the two battery ventures.

Now, let's move on and talk about another battery story that doesn't seem to be going down negatively.

Volkswagen's Powerco has pushed the opening of its $7 billion Canadian dollar St. Thomas battery factory back by two years, adding another delay to Ontario's planned EV supply chain.

Powerco Canada put the postponement partly down to evolving market demand, tech advancements and Volkswagen Group strategy.

The strategy being they've not got much money anymore.

Ontario Premier Doug Ford said he was not concerned because construction was continuing.

63 the top issue and this is like i said carbon credit industry is going to make this worse donald trump is now back up to the second place here 44 the economy 37 health care housing immigration c word change that's climbed back up that was near the bottom there for quite some time now it's climbed back up you're seeing a lot of the ndp people kind of revolting some of these people voted for mark carney now they're back on the ndp and they're flaring this up and what's at the very bottom indigenous reconciliation yeah nobody cares about that all canadians should be treated equal just finalize deals and no more reconciliation everyone's a canadian that's what should be happening we'll get more into that later But first, we got to talk about this.

Coming from Automotive News Canada, VW Group's Powerco delays Canadian battery plant until 2029 as EV sales struggle.

That's right.

Volkswagen Group is not going to be going ahead with this for a couple of years.

The opening of Volkswagen's $7 billion EV battery plant in St. Thomas being delayed by two years.

Subsidiary PowerCo has hired a contractor, but stretched out the build because of declining demand.

To me, it's a great news story.

The building is being built, the investment is being made, uh, and we're thrilled with that, to be quite frank.

Volkswagen delaying the opening of a $7 billion EV battery factory in Ontario.

The St. Thomas plant was supposed to open next year.

The VW subsidiary, PowerCo Canada, is pushing that to 2029, saying it's responding to evolving market demand.

VW under pressure with slower sales, the German company recently announced it was looking to cut 100,000 jobs.

They, they call it a gigafactory, so it's huge.

But Powered, PowerCo, a Volkswagen subsidiary, we kinda link this to Volkswagen, was building this in St. Thomas.

They have been building it, and they d- they are announcing, "Well, we're not opening in '27.

We're opening in '29." And there is not a, uh, e- ellipse to denote if we open at all, but that is, that's obviously going to be the fear.

Well, uh, Premier Doug Ford is gonna be convening his cabinet today, and there's gonna be a series of news conferences that are gonna be held, a, a bunch of updates on what the government is going to do, right? We're expecting to hear from the Minister of Economic Development and Trade, Ontario's representative in Washington, the Minister of Finance, the Treasury Board president potentially, as well as the ministers of energy and transportation.

Mm.

And, you know, while they didn't really tell us what the topic is, it doesn't take too much to kind of link it all back to PowerCo.

Uh, y- you have to take a step back here for a second, um, a- and, and look at the entire electric vehicle strategy that the Ford government has had.

Bloomberg also pointing out that ACC bought in engineers from EVE Energy, the Guangdong-based EVE Energy, to start their production lines, which were perhaps a little troubled.

Volkswagen's Powerco once planned for six European gigafactories to make cells on the continent.

and supply their EVs.

Those plans have been scaled back.

700 million.

Powerco is an owned Powerco company is owned by Volkswagen Group, a German company that made over 450 billion dollars in revenue last year.

How many emissions are supposed to be directly reduced from the 700 million dollar handout?

All