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Updated January 7th, 2024 at 18:59 IST

Hyundai Motor to sell Russia plant after $219 million loss

The plant, which has been non-operational since March 2022, will be sold for a symbolic sum.

Hyundai
Hyundai | Image:Hyundai

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 December 19th, 2023 at 14:08 IST

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