It’s the latest example of how François Legault the politician keeps getting in the way of François Legault the economist.
Quebec has always been fortunate to have premiers with considerable substance and intelligence. Since 1960, 14 accomplished individuals have led Quebec, including nine lawyers, one neurosurgeon and several with strong economic credentials. François Legault is no exception. As an accountant and business executive, he co-founded Air Transat in 1986, which became one of the largest airline companies in Canada.
Legault was drafted into politics by the Parti Québécois in 1998, subsequently holding key portfolios in successive administrations. He left in 2009 and two years later co-founded the Coalition Avenir Québec, offering a “third way” — a break from Quebec’s traditional political party dichotomy of separatism (PQ) versus federalism (Liberal) — and abandoning any sovereignty referendum notion, to instead focus on Quebec’s economic autonomy within Canada.
With the experience and economic background Legault brings to the table, the collapse of this project would be a huge blow to his credibility. Obviously, the failure of some economic gambles is beyond one’s control, sometimes due to unexpected changes in the market or circumstances of mismanagement. And few politicians would likely have resisted the sex appeal of a green venture that appeared so promising. However, Legault often allows politics to temper his business acumen. For any major investment gamble in the private sector, you would roll up your sleeves and do your due diligence with rigorous risk assessment analyses; one wonders if that was done here.
Northvolt was founded in 2015 by two former Tesla employees. The first battery was assembled in December 2021, with the first customer cell deliveries in 2022, barely a year before the Quebec announcement. Northvolt is essentially a startup without any extensive track record. Did attractive political optics outweigh due diligence?
François Legault is very capable. Quebec would be better served, however, if he prioritized his economic instincts over political impulse.
Robert Libman is an architect and planning consultant who has served as Equality Party leader and MNA, mayor of Côte-St-Luc and a member of the Montreal executive committee.