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The federal government has somewhat overestimated the benefits that will be generated by the Northvolt project in Montérégie, where the Swedish company will manufacture battery cells for electric vehicles, in particular thanks to production incentives of up to 4.6 billion dollars, observes the Parliamentary Budget Officer (DPB).
In a report unveiled on Friday, Yves Giroux indicates that the total amount of these subsidies, modeled on the Inflation Reduction Act of the American administration, will not be recovered before 2037, while the Trudeau government had suggested that #x27;it could be sooner.
By presenting the project on September 28, the federal government, in its press release, anticipated that profitability would be achieved within five to nine years after full implementation of the project. This will not be the case, according to Yves Giroux.
Based on Northvolt's projected annual production schedule, PBO estimates the $4.6 billion production subsidy to break even at 11 years, it writes.
This period also differs from the nine years mentioned in the response to the request for information made by Mr. Giroux to the Minister of Innovation, Science and Industry, François-Philippe Champagne , specifies the report.