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Despite headwinds in the electric vehicle market and a major ownership shakeup, Windsor’s $6-billion NextStar Energy battery plant is operating “business as usual” when it comes to production and hiring, its CEO says.

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“With this change in the ownership structure, in terms of operation, I don’t see much of a change,” NextStar Energy CEO Danies Lee told the Star.

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Stellantis announced earlier this month it would sell its 49 per cent equity stake of Windsor’s battery plant to joint venture partner, LG Energy Solution, giving the Korean company full control of the facility.

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Lee said Stellantis will remain a customer, but the company’s focus now is on diversifying its customer base in the growing energy storage sector as electric vehicle adoption continues to dip across North America.

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“It’s not a secret that the electric vehicle market is kind of in decline, and it’s not growing as much as we forecasted,” said Lee.

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“And I believe that, you know, it’s not a secret either, that due to the change in the policy which used to drive the, you know, uptick of the EV market is now facing a major setback.”

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In Canada, EV sales fell to less than 10 per cent of the overall market through much of 2025, down from a peak of about 15.4 per cent in 2024, according to a report published by S&P Global data. 

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If the slowdown continues, it could become the first annual decline in EV sales in a decade.

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“I expect that this marketplace is going to be a struggle for the time being,” said Lee. “However, it is a tiny timing issue. But my expectation for the EV market is with the electric EV technology being more mature, that, enhanced by the affordability of the EV, I think it’s a matter of time for the EV market to come back, rather than a matter of if.

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“And especially, once again, with the technology being mature and the price point being more and more affordable.”

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On affordability, Lee said he foresees electric vehicles reaching price parity with internal combustion engine (ICE) vehicles as early as 2028.

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Despite lower-than-expected EV demand, Lee said the energy storage sector is thriving. 

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Last November, the plant began mass production of energy storage system (ESS) batteries. 

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These large-scale lithium-ion battery systems are used to store electricity for data centres, utilities and other high-demand applications.

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He said mushrooming demand for ESS batteries is powered by the proliferation of artificial intelligence.