The barrage of new technologies that are introduced to the market, each with the promise of altering (or at least affecting) the corporate world, can easily make one numb. However, our examination of a few of the more important IT trends makes a strong argument for the fact that something important is taking place. Granularity, speed, and scale—the three key elements that have characterized the digital era—are typically being accelerated by these technological advancements. However, the extent of these shifts in bandwidth, computer power, and analytical complexity is what's creating new opportunities for organizations, inventions, and business models. Greater innovation may be made possible by the exponential gains in processing power and network speeds brought about by the cloud and 5G, for instance. Advances in the metaverse of augmented and virtual reality provide opportunities for immersive learning and virtual R&D using digital twins, for example. Technological development
Though arguably they ought to, the states and Canadian provinces that encircle the Great Lakes are not frequently thought of as having independent economies.
Trade within the region is heavily linked, after all. There is an annual movement of more than 200 million tons of goods, accounting for more than half of all bilateral border trade between the United States and Canada. If it were a distinct country, its $6 trillion GDP would place it third in the world's economies.
AN INVESTMENT POWERHOUSE
This infographic illustrates how the area's many rivers and the local population have a big economic impact and foster trade connections.
Eight states (Minnesota, Wisconsin, Illinois, Indiana, Michigan, New York, Ohio, and Pennsylvania) and two Canadian provinces (Ontario and Quebec) comprise the Great Lakes Region, which encircles the five interconnected freshwater lakes known as the Great Lakes.
CROSS-BORDER CUSTOMERS
Trade in products is the foundation of the unique relationship that exists between the states of the United States and the provinces of Canada in the Great Lakes Region.
But governments and competitors like Tesla aren't the only ones putting pressure on the company.
The competition
China now has a monopoly on the battery market, producing 80% of the world's cells and most of the world's refining capacity for battery materials.
However, other regions are racing to challenge China's hegemony and establish a more geographically diverse battery supply chain as supply chain security and energy security become significant concerns for many governments.
The competitive advantages of Canada
At least $1 billion in EV battery mineral extraction and materials manufacturing, $5.2 billion in EV battery cell and module manufacturing, $6.6 billion in EV assembly, and $1 billion in EV battery components and recycling were all attracted to Canada between 2020 and the time this report was finalized in June 2022.*14
Although it could be alluring to think that the job is over
Canada might not be able to reach its full potential in the absence of a more aggressive strategy, which is discussed later in this study.
For example, all of the cathode active materials produced at the new General Motors and POSCO facility in Quebec will be exported to the United States33. Meanwhile, Windsor recently lost out on securing a major battery materials plant, reportedly due to a lack of infrastructure planning. This loss prevented Windsor from taking advantage of Canada's competitive advantage in clean electricity.34
Furthermore, the majority of significant EV battery operations in North America are joint ventures with well-known global corporations, meaning that foreign businesses keep their intellectual property and manufacturing know-how.
Canada will have to direct its resources toward the most strategically important projects and supply chain segments between now and 2030. These are the ones that, in addition to providing the most financial gain, make use of Canada's special assets and further a wider range of national goals. When properly executed, Canada's battery potential can surpass its individual components.
Canada's battery business was sparked by the federal and provincial governments, and as a result of their efforts, the country has made some significant transactions and established itself on the global battery map.
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