Honda Announces $15 Billion EV Mega-Project in Ontario

Honda has officially announced a massive $15 billion investment to establish a comprehensive electric vehicle (EV) manufacturing ecosystem in Ontario. The investment includes the construction of four new facilities and is projected to create thousands of jobs.

At an event in Alliston, Ontario on Thursday, where Honda already has a footprint, Prime Minister Justin Trudeau and Ontario Premier Doug Ford outlined the scope of this ambitious project. The plan involves building Honda’s first North American EV assembly plant alongside a new EV battery factory, a cathode active material processing plant in partnership with POSCO Future M Co., Ltd., and a separator plant with Asahi Kasei Corporation.

The financial part of this deal is underpinned by substantial governmental support, with federal and provincial incentives totaling around $5 billion, including a range of tax credits like the Electric Vehicle Supply Chain investment tax credit and the Clean Technology Manufacturing investment tax credit.

The assembly plant, expected to be fully operational by 2028, aims to produce up to 240,000 EVs annually. This project not only promises to bring over 1,000 new manufacturing jobs to Ontario, but also ensures the retention of approximately 4,200 existing positions within Honda’s operations within the province.

The establishment of these new facilities could be just the beginning of more investments in Ontario. Honda’s global CEO, Toshihiro Mibe, hinted at future expansions that might include a comprehensive battery recycling system.

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