According to a report by Parliamentary Budget Officer Yves Giroux, the Canadian government is set to take 20 years to recoup the combined C$28.2 billion ($20.79 billion) subsidies provided to Volkswagen and Stellantis-LG Electric Solutions for the construction of two electric vehicle (EV) battery plants. It should be noted that Reuters has not verified this information and does not vouch for its accuracy.

In other news, SNC-Lavalin Group Inc, a prominent Canadian engineering giant, has announced its decision to change its name to AtkinsRéalis. This strategic move is an attempt to establish a new corporate identity and move forward after facing years of turmoil.

Additionally, American industrial automation giant Rockwell Automation Inc has agreed to acquire Clearpath Robotics Inc, an autonomous robot maker based in Waterloo, Ontario. The deal, valued at potentially exceeding US$600 million, signifies Rockwell Automation’s interest in expanding its portfolio in the robotics industry.

It is important to mention that the term “subsidies” refers to financial assistance or support provided by the government to stimulate specific industries or economic activities. In this case, the Canadian government is offering subsidies to encourage the development of electric vehicle battery plants.

Sources:

– Reuters: “The Canadian government will take 20 years to recoup the combined C$28.2 billion ($20.79 billion) subsidies it is offering Volkswagen and Stellantis-LG Electric Solutions to build two electric vehicle (EV) battery plants, according to a report by Parliamentary Budget Officer Yves Giroux.”
– Reuters: “SNC-Lavalin Group Inc is changing its name to AtkinsRéalis as the Canadian engineering giant tries to forge a new corporate identity and move on from years of turmoil.”
– Reuters: “American industrial automation giant Rockwell Automation Inc has agreed to buy Waterloo, Ont autonomous robot maker Clearpath Robotics Inc, in a deal that could exceed US$600-million in value.”