Honda mulls $21b plan to build EV production site in Canada
Make us a preferred source
Make us a preferred source on Google
The news: Honda is considering plans to build an electric vehicle manufacturing plant in Canada, which may also include in-house battery production, according to Nikkei.
The numbers: Investment in the project by Honda could reach USD14 billion ($20.85 billion) should it go ahead.
The context: Honda aims to have EVs comprise 40% of its North American sales by 2030, increasing to 80% by 2035. Producing EVs and batteries in the US and Canada will be central to meeting this objective. The company is expected to make a decision about the Canadian plant by the end of 2024, which would bring the site online by 2028.
The project would be Honda’s second EV plant in North America, as it plans to build EVs and batteries in an Ohio-based plant through a partnership with LG Solutions from 2026.
The source: Nikkei
