European automaker Stellantis and South Korea’s LG Energy Solutions have halted construction of their C$5bn ($3.7bn) battery plant in Canada due to the government not fulfilling its promises to support the project. 

“As of today, the Canadian government has not delivered on what was agreed to; therefore Stellantis and LG Energy Solution will begin implementing their contingency plans.  Effective immediately, all construction related to the battery module production on the Windsor site has stopped,” a Stellantis spokesperson told fDi.

The project, which is being built in the province of Ontario, was announced in March 2022. Its suspension, which was originally reported by The Toronto Star newspaper, comes less than a month after Canada offered Volkswagen subsidies valued at up to C$14.4bn — the biggest incentives package on record — to secure its gigafatory in the same province.

Macron mobilises €13bn at Invest France event

French president Emmanuel Macron claims to have secured €13bn worth of capital pledges at the sixth edition of its Choose France Summit held on May 15. The annual event sees France’s leader meet with hundreds of foreign executives in Versaille to drum up investment. 

Some of the biggest commitments are a €5.2bn battery plant by Taiwan’s ProLogium and a €3bn investment by British nuclear fission startup Newcleo. Mr Macron tweeted that other investments include a €400m pledge by British pharmaceutical giant GSK, plus commitments from Ikea, Pfizer and Heidelberg Cement.

Collectively the projects are expected to create 8000 jobs.

Hungary mobiles €3bn in Chinese auto investment

China has committed to invest €3bn in Hungary’s auto sector, the central European country’s minister of foreign affairs and trade, Péter Szijjártó, said on May 15. 

He announced the news via a statement issued after separate meetings in Beijing with Chinese minister of commerce, Vang Ven-tao, and five “major” Chinese companies. He said four of the firms will invest in electric vehicle projects. 

Hungary is a key market for vehicle components, serving Germany’s large automotive sector.

And finally: South Africa’s telecoms company Vodacom plans to roll out a fibre network in Tanzania, the Democratic Republic of Congo, Mozambique and Lesotho, once regulators approve its tie-up with investment firm Remgro, its CEO Shameel Joosub told Bloomberg.