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Canada's support for EV battery plants to cost C$5.8 bln more than announced -watchdog

OTTAWA, Nov 17 (Reuters) - Canada's support for the construction of three of the country's largest electric vehicle (EV) battery manufacturing factories is estimated to cost C$5.8 billion ($4.2 billion) more than initially announced, the country's independent budgetary watchdog said on Friday.

Canada, home to a large mining sector for minerals critical for battery production, has pledged billions in incentives to woo companies involved in all levels of the EV supply chain as the world seeks to cut carbon emissions.

The Parliamentary Budget Officer's (PBO) report assessed the total cost of federal and provincial government support for EV battery projects of Volkswagen, Stellantis-LG Energy Solution (LGES) and Sweden's Northvolt.

The total cost of government support for the three projects is estimated to be C$43.6 billion over ten years, higher than the C$37.7 billion in announced costs, the PBO said.

(Reporting by Ismail Shakil in Ottawa)

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