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Honda explores $13.83 bn EV plant in Canada, eyes battery production
Industry News- Jan 09,24
The Japanese automaker is exploring locations, including proximity to an existing automobile factory in Ontario.
According to a report by Japan's Nikkei news group, Honda Motor Co is contemplating the construction of an electric vehicle plant in Canada as part of a nearly 2-trillion-yen ($13.83 billion) project. This initiative, potentially one of Honda's most significant investments, may involve in-house production of batteries. Honda is currently evaluating various sites for the plant, with a decision expected by the end of the year and potential commencement of operations in 2028. The Japanese automaker is exploring locations, including proximity to an existing automobile factory in Ontario.
While Honda has not responded to a Reuters request for comment, Canada's industry minister's office issued a statement expressing enthusiasm about Honda's potential investment. The statement highlighted the quality of Canada's workforce and the strength of its industry, noting that it reflects Canada's growing reputation as a green supplier and a global leader in electric vehicles (EVs).
Honda already has plans to launch EV production and sales in North America by 2026, based on its new Honda e:Architecture. Furthermore, the automaker, in collaboration with partner LG Energy Solution, announced in 2022 a $4.4 billion joint-venture battery plant in Ohio. However, in October 2023, Honda and General Motors decided to abandon their plan to jointly develop affordable electric vehicles, marking a shift from their earlier $5 billion collaboration aimed at competing with Tesla in sales.
Source: Business Standard
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