Honda to Build Batteries in Ontario

Honda plans to build electric vehicles and components in Ontario with financial support from the Canadian and provincial governments, according to a report by Reuters citing internal sources. As part of an agreement with Ottawa and Ontario, Honda will manufacture batteries, produce cathode material for the batteries, and assemble electric vehicles. The official announcement is scheduled for Thursday.

Ontario Premier Doug Ford described the deal on Monday as the largest in Canadian history, worth twice as much as the planned Volkswagen electric vehicle plant in Ontario, which is expected to cost about $5 billion.

Prime Minister Justin Trudeau said last year that Canada is seeking more targeted investments after providing substantial subsidies to Volkswagen and Stellantis-LG Energy Solution for their planned battery gigafactories. Last week, the federal budget introduced a new investment tax credit, offering companies a 10% discount on the cost of constructing new buildings used in key segments of the electric vehicle supply chain.

Source: https://www.reuters.com/business/autos-transportation/honda-build-electric-vehicles-batteries-ontario-says-source-2024-04-22/

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