Stellantis gets Canada default notice after moving Jeep production, NYT says

Canada’s government has told Stellantis (STLA) that its shift of Jeep Compass production to Illinois from a plant in Toronto has meant the company defaulted on contracts covering hundreds of millions of dollars in assistance, the New York Times’ Ian Austen and Matina Stevis-Gridneff report, citing Canadian industry minister Melanie Joly. “Stellantis is on the hook,” Joly, told a parliamentary committee after announcing that the government had served the company with a “notice of default”. “We’ll stand firm for the sake of our workers, our industries and our nation, because defending these jobs means defending Canada’s economic backbone,” Ms. Joly added.