🇨🇦 Volkswagen is boosting EV investments and has selected a site in southern Ontario for its first big battery plant in North America, Ben writes.

  • Driving the news: VW said this morning it’s investing $193 billion between 2023 and 2027 in its “most attractive profit pools,” with 68% steered toward EV and digitization efforts.
  • Catch up fast: The battery plant announced Monday is slated to open in 2027, and the plan follows VW’s recent announcement its Scout Motors unit will produce electric SUVs and trucks in South Carolina.
  • Why it matters: The U.S. climate law is increasingly drawing EV-related investments. Expanded consumer EV subsidies are tethered to battery component and vehicle manufacturing in North America.

💰 Arrival, a struggling electric van startup, secured a $300 million equity financing line via Westwood Capital as it looks to stabilize and launch production at its North Carolina factory next year.

  • The big picture: The company is among several EV startups to hit severe headwinds after going public during the SPAC frenzy.

🚐 “Rivian and Amazon are in discussions to adjust the exclusivity clause of their agreement for the EV maker’s electric delivery trucks, a company spokeswoman said Monday,” CNBC reports, confirming a WSJ story.

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