Morning Update: Ottawa matches U.S. with up to $13-billion in subsidies to land Volkswagen EV battery plant

News Snapshot:

Good morning, The federal government announced it will match the United States and supply Volkswagen with up to $13-billion in annual production subsidies for its new electric-vehicle battery plant. The arrangement will be formally announced in St. Thomas, Ont., on Friday, but was confirmed to The Globe by a federal official. The proposal is nearly double the estimated $7-billion cost of building the facility, and also includes about $700-million in more-immediate support for capital costs, making it the most generous subsidy that Canada has ever provided for an automaker to locate a factory here. Volkswagen vehicles are seen at a...