Volkswagen and Powerco SE to build their largest cell factory in Canada

The Volkswagen Group’s battery company PowerCO SE plans to build its largest gigafactory in St. Thomas, Ontario, Canada. This is the first cell factory in North America for VW. The company said its goal is to produce up to 90 gigawatt-hours of battery capacity per year. The planned investment is upwards of 4.8 billion euros. It’s estimated that the factory will create up to 3,000 new jobs for locals.

Canada’s Prime Minister Justin Trudeau said: “It’s a win for workers, for the community and for the economy.”

St. Thomas is the company’s first overseas gigafactory for cell manufacturing. Groundbreaking is planned for 2024 and production is projected to begin in 2027.

Honda unveils the e:Ny1 electric SUV, the first EV based on its new dedicated platform

Honda showcased its second fully electric vehicle Friday at a media event in Germany. The new Honda e:Ny1 electric SUV will be the first model to ride on the automaker’s new dedicated EV platform.

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Source: Charge Forward

Frito-Lay makes its first third-party EV shipment

Frito-Lay, a subsidiary of PepsiCo,has announced completion of its first third-party EV shipment with trucking and logistics company Schneider National. Frito-Lay is the first company to contract transport on Schneider’s fleet of electric Freightliner eCascadias.

“By working with Schneider, we are taking an important step forward in our efforts to reduce value-chain emissions and move our snack products in a more sustainable way,” said PepsiCo VP and Chief Sustainability Officer David Allen.

The company says that this year it expects its initial EV routes to show emissions reductions of more than 70% compared to the same shipments on diesel trucks, and that its goal is to reach net-zero emissions by 2040.

VinFast announces new SPAC deal worth more than $23 billion

VinFast Auto has formed a business combination agreement with Black Spade Acquisition Co. in hopes of finally achieving that IPO in the US it has been promising for years. If and when the transaction is complete, VinFast is expected be listed on the US stock market at an equity value over $23 billion.

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Source: Charge Forward