Honda Motor Co., along with its joint venture partners, recently announced plans to invest a staggering $11 billion in Ontario, Canada to create a comprehensive electric vehicle (EV) value chain. This move will establish a new North American electric vehicle epicenter, which will include assembly and battery plants, as well as other operational facilities.
The project is set to kick off vehicle production in 2028, with an annual capacity of 240,000 units. This investment aligns with Honda’s goal of offering an all-electric and fuel cell-powered vehicle lineup by the year 2040.
The initiative is also expected to have a positive impact on employment, with at least 1,000 new jobs anticipated as a result. Canadian Prime Minister Justin Trudeau lauded Honda’s investment as the largest ever in the country’s automotive industry.
To further support this endeavor, Honda will be receiving assistance in the form of tax credits and incentives from the Canadian government. This partnership solidifies Honda’s commitment to sustainable transportation solutions.
This massive investment comes on the heels of Honda’s $4.4 billion commitment to a new U.S. battery plant in Ohio last year. CEO Toshihiro Mibe has outlined plans to establish a comprehensive EV value chain in Canada, with negotiations currently underway with joint venture partners, including LG Energy Solution.
With Honda leading the charge in the transition to electric vehicles, this ambitious project sets the stage for a greener future in the automotive industry. Stay tuned for more updates as Honda’s vision for sustainable transportation takes shape in Ontario, Canada.
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