HYDRO-QUÉBEC WITHDRAWS ITS INTEREST IN DANA TM4

By Anne Bourgoin

For decades, the names Dana and Hydro-Québec have been associated. But now the state-owned company has announced that it intends to exercise its put option to Dana TM4, for the 45% it holds in the electric vehicle (EV) motor manufacturer.

“Our 2035 action plan is very ambitious, and to achieve it, we need to focus on our core business and the investments of the order of 150 to 180 billions that are required,” commented Maxime Aucoin, Executive Vice-President, Strategy and Finance at Hydro-Québec.

Dana TM4’s Sumo motor powers many electric trucks, including Lion’s, as well as Cascades’ yard trucks. Hydro-Québec claims that its withdrawal will not impact the activities and jobs of Dana TM4, which employs over 300 people.