Honda, Canada and EV
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The Canadian Press on MSN4h
Joly says Honda still committed to EV investments after $15-billion project delayedIndustry Minister Mélanie Joly says Honda Canada remains "fully committed" to major electric-vehicle investments in Canada after the company announced Tuesday that it was pausing a multibillion-dollar EV project in Ontario.
Honda’s CA$15 billion commitment was touted by former Prime Minister Justin Trudeau as the “largest auto investment in Canada’s history.” It was to include a battery plant with an annual capacity of 36 GWh while an EV assembly plant would have been able to build as many as 240,000 vehicles per year from 2028.
Research from Canada's parliamentary budget watchdog indicates that manufacturers, between 2020 and 2024, unveiled plans to invest roughly $33 billion in EV and related supply-chain production. The Canadian government pledged $22 billion in financing and tax breaks to lure those companies.
The Canadian Press on MSN22h
Hope remains that Honda’s Ontario EV plant will be built, despite delayHonda said it is delaying its scale-up in the community of Alliston, which includes a battery plant and retooled vehicle assembly line, for about two years as it monitors market conditions.