Updated January 8th, 2024 at 12:50 IST
Honda to consider $14 bln plan for EV manufacturing in Canada
Honda Motor Co is mulling over its plans on building an electric vehicle (EV) plant in Canada in a near 2 trillion yen
Honda Motor Co is mulling over its plans on building an electric vehicle (EV) plant in Canada in a near 2 trillion yen ($13.83 billion) project that could possibly include in-house production of batteries, according to a Nikkei report.
The project could be one of Honda's largest investments, the report said.
The Japanese automobile maker is looking at multiple potential sites for the plant, including next to an existing automobile factory in Ontario, Nikkei said, adding that Honda expects to come to a decision by the end of the year and the new plant to start as soon as 2028.
The Minato-city based multinational auto player already has plans to begin production and sales of EVs in North America in 2026, based on its new Honda e:Architecture.
The automaker, with partner LG Energy Solution had in 2022 announced Ohio as the site of their planned $4.4 billion joint-venture battery plant.
In October 2023, Honda and General Motors said they were scrapping a plan to jointly develop affordable electric vehicles (EVs), a year after they agreed to work together in a $5 billion effort to try to beat Tesla in sales.
(With Reuters Inputs)
Published January 7th, 2024 at 19:09 IST