Latest news with #ChristineFrechette
CTV News
11 hours ago
- Business
- CTV News
Quebec premier defends Bombardier at Paris Air Show
Quebec Prime Minister Francois Legault, right, and Quebec Economy Minister Christine Frechette visit the Paris Air Show , Monday, June 16, 2025 in Le Bourget, north of Paris. (Michel Euler/The Associated Press) Quebec Premier François Legault took part in Bombardier's campaign to sell one of its aircraft models to the Canadian Defence Department on Monday in Paris, Fra. Legault spent the day at the Paris Air Show, the largest event of its kind in the world. Bombardier says it believes it can convince Ottawa to buy the aircraft after Mark Carney's government announced an additional $9 billion in military spending. Legault says he wants Quebec to get its lion's share and Bombardier to win the contract for its aircraft, designed for surveillance and detection missions. France Paris Air Show Quebec Prime Minister Francois Legault, right, and Quebec Economy Minister Christine Frechette visit the Paris Air Show , Monday, June 16, 2025 in Le Bourget, north of Paris. (Michel Euler/The Associated Press) The premier boarded a GlobalEye parked on the tarmac, an aircraft manufactured by Sweden's Saab, but with Quebec origins: it is built on Bombardier's Global Express platform. 'The people at Boeing are nervous that we are here,' Saab vice president Carl-Johan Bergholm told Legault. Bombardier-Boeing standoff Indeed, Saab-Bombardier and the American company Boeing are engaged in a standoff. In March 2023, Ottawa indicated that it planned to replace the air force's surveillance aircraft, considering only one supplier, Boeing. Bombardier protested, demanding a genuine call for tenders so it could submit its aircraft, which had already been sold and proven in other markets. 'I have no regrets about doing so,' said the company's CEO, Éric Martel, in an interview on Monday at Bombardier Defence's offices in Le Bourget. 'It made everyone understand that it might be in our best interest to talk to each other and work better together,' he argued. He says he is hopeful that an agreement can be reached with Ottawa. Collaboration with Safran In addition, Bombardier signed a letter of intent on Monday with Safran, a French industry giant that is the world's second-largest aerospace equipment manufacturer. The two companies say they want to expand their collaboration. Je suis particulièrement fier de l'annonce d'un partenariat entre deux leaders de l'aéronautique: @Bombardier et @SAFRAN. Ils vont travailler ensemble pour remporter des appels d'offres, dans nos deux pays. Et offrir des emplois industriels payants, en France et au Québec.… — François Legault (@francoislegault) June 16, 2025 This will allow researchers to work together on systems used in military equipment, explained a Bombardier representative. The amounts and details are confidential, he added. This report by The Canadian Press was first published in French on June 16, 2025.
Mint
01-05-2025
- Automotive
- Mint
Quebec Government Won't Rescue Bankrupt Bus Maker Lion Electric
(Bloomberg) -- Canadian electric bus and truck maker Lion Electric Co. is unlikely to survive as the Quebec government turned down an opportunity to put money into the firm along with local investors. 'We believed in Lion's potential, but the recovery plan submitted did not justify the re-injection of significant government sums,' provincial Economy Minister Christine Frechette said in a post on X. 'Unfortunately, it's clear that providing Lion with additional funding would not be a responsible decision.' The Quebec government had already lost C$177 million ($128 million) on investments in Lion and the Canadian government C$30 million. The company filed for creditor protection in December after it failed to repay some debts and couldn't find a buyer for the business or its assets. An investor group involving real estate magnate Vincent Chiara created a plan to try to revive the company, but at a much smaller scale. Under that plan, Lion would focus exclusively on building electric school buses at its plant in Saint-Jerome, Quebec, and stop producing commercial and tractor trucks. Lion thrived during the electric vehicle boom, reaching a market capitalization of $4.2 billion in 2021 and growing to 1,400 employees the next year. Then the market for electric vehicles went through a tough period, and it became far more difficult for manufacturers to raise capital. As demand waned, the company suffered from delays in subsidy and incentive programs in Canada and the US, supply chain disruptions and scaling challenges. Out of 169 parties contacted as potential investors, more than 40 executed a non-disclosure agreement, according to a report released by Lion's bankruptcy monitor in February. Quebec-based media La Presse reported that an unnamed US investment firm had been seriously interested in the asset, but the Quebec group was the most promising. La Presse reported Wednesday evening that Lion is now likely to be sold in parts, meaning the end of the company. The expected shutdown may leave many bus owners in Canada and the US without maintenance services going forward. More than 2,200 Lion vehicles are on the road in North America. In total, Lion owes more than $244 million to secured and non-secured creditors, according to a list provided by the monitor. National Bank of Canada, the largest, had lent $47 million. The Caisse de Depot et Placement du Quebec is also among the creditors. Power Corp. of Canada, the company's largest shareholder with a 34% stake, wrote down its C$81 million position to nil. Lion has already shut down operations in Joliet, Illinois, and at a battery pack assembly plant in Mirabel, Quebec. More stories like this are available on First Published: 1 May 2025, 01:59 PM IST
Bloomberg
01-05-2025
- Business
- Bloomberg
Quebec Government Won't Rescue Bankrupt Bus Maker Lion Electric
Canadian electric bus and truck maker Lion Electric Co. is unlikely to survive as the Quebec government turned down an opportunity to put money into the firm along with local investors. 'We believed in Lion's potential, but the recovery plan submitted did not justify the re-injection of significant government sums,' provincial Economy Minister Christine Frechette said in a post on X. 'Unfortunately, it's clear that providing Lion with additional funding would not be a responsible decision.'
