French multinational tire manufacturer Michelin announced on March 14 it will invest $300 million in its Nova Scotia plants, with its CEO calling them strategically important.
Speaking in a press conference from the Bridgewater plant, Michelin CEO Alexis Garcin said $140 million would be potentially invested in that facility, creating 70 news jobs.
This is part of the company’s $300 million investment in the province, which also has plants in Pictou and Waterville.
Garcin said the expansion is needed to meet the growth of customer demand in certain North American automobile sectors, such as SUVs and electric vehicles (EVs).
He said the trend for larger tires will continue for at least the next ten years, and that he expects EVs to comprise at least 50 percent of passenger vehicle sales by 2030.
“That’s why these investments are critical, so that we can seize the massive opportunity as the market transforms,” Garcin said.
Michelin also seeks to electrify parts of the manufacturing process to reduce emissions, with the company seeking to reach net-zero by 2050.
Michelin will also receive at $61.3 million tax credit from the province of Nova Scotia.
Prime Minister Justin Trudeau said during the press conference this shows that “protecting the environment and growing the economy go hand in hand.”
The federal government has not announced what financial incentives it provided to attract Volkswagen.
Trudeau said a full announcement on the matter is upcoming.
