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Ottawa, South Korea in Talks to Bring Auto Manufacturing to Canada: CTV News
The non-binding agreement aims to boost Korean automotive production and electric vehicle battery investment in Canada, where Korean automakers hold 12% of the market, officials said.
- This week Ottawa and Seoul signed a memorandum of understanding to bring South Korean auto manufacturing and investment to Canada, with the ceremony taking place Tuesday during a South Korean government delegation visit.
- The MOU grew out of South Korea's campaign to win a multibillion-dollar contract to build up to 12 submarines for the Royal Canadian Navy, while Ottawa asked South Korea and Germany to facilitate auto-industry production pledges.
- The non-binding MOU pledges both countries to promote auto, electric vehicle, battery and hydrogen-powered vehicle manufacturing and to establish the Korea-Canada Industrial Cooperation Committee, including cooperation on battery manufacturing and supply chain, critical mineral extraction, research and development, plus artificial intelligence, steel, cement, nuclear and LNG.
- Existing industry activity suggests the MOU builds on LG Corp.'s EV supply-chain investments and Volkswagen/PowerCo's St. Thomas battery factory, while Canada seeks a Hyundai production commitment.
- The wider context is a high-stakes submarine contest, linking Hanwha Group's KSS-III Batch-II and ThyssenKrupp Marine Systems' 212CD, expected to last more than 50 years.
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Ottawa Seeks to Bring Korean Car Manufacturing to Canada via MOU With Seoul
Ottawa has signed a memorandum of understanding with Seoul to bring South Korean automotive manufacturing and new investments to Canada’s auto sector. Industry Minister Mélanie Joly and her Korean counterpart, Minister Jung-Kwan Kim, signed a memorandum of understanding (MOU) earlier this week aimed at strengthening Canada and Korea’s “comprehensive strategic partnership,” which launched in 2022, Innovation, Science and Economic Development Cana…
·New York, United States
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Winnipeg Free Press+11 Reposted by 11 other sources
Ottawa, South Korea pledge to bring auto manufacturing to Canada
Breaking News, Sports, Manitoba, Canada
·Winnipeg, Canada
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Ottawa signed a Memorandum of Understanding with South Korea this week to attract investment and manufacturing from the South Korean automotive sector to Canada, according to the Globe and Mail.
·Montreal, Canada
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Coverage Details
Total News Sources21
Leaning Left6Leaning Right3Center7Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 37%
C 44%
R 19%
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