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Tuesday Ticker: Tesla allegedly eyeing Ontario for Gigafactory plans; Magna reports Q2 2022 results

Toronto, Ontario ⁠— Tesla reportedly looks to build its own Canadian Gigafactory in Ontario, while Magna marks some meek numbers in its Q2 2022 financial results call.

Tesla-tario?

Tesla is lobbying the Ontario government for an “advanced manufacturing facility”  within the province, according to reports from Electric Autonomy Canada.

The EV news outlet said that recently filed lobbyist registry documents reveal that Tesla is seeking to: “engage with the government and its agencies to identify opportunities for industrial and/or advanced manufacturing facility permitting reforms with the intent to increase the competitiveness of Ontario and its ability to attract capital investment through establishing approvals timeframes that are competitive with high-growth manufacturing locations in North America, while also working with the government to identify or align incentives programs that could further increase the attractiveness of Ontario for industrial and/or advanced manufacturing investment.”

The opportunity for a Canadian Gigafactory⁠ during Tesla’s 2022 Annual Shareholders meeting last week. Company CEO Elon Musk asked shareholders where the company’s next factory should be, to which many answered Canada.

“We get a lot of Canada,” he said. “I am half Canadian. Maybe I should?”

Electric Autonomy said Tesla has already met with the Ministry of Innovation, Science and Economic Development (ISED) Canada and other government ministries.

Magna’s market share

Magna International held its Q2 2022 earnings call on Aug. 2, reporting losses of US$156 million. 

The Aurora, Ont.-based company is citing COVID-19 lockdowns in China and its withdrawal from Russia amid the country’s conflict with Ukraine. 

Body exterior and structural parts accounted for 4.8 percent of sales in Q2 2022. 

As of Monday’s close, shares of Magna International were down 26 percent year-to-date.

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