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honda (New York Stock Exchange: Hamad Medical Corporation) on Thursday confirmed plans to spend C$15 billion (about US$11 billion) to build an electric vehicle manufacturing plant and a separate electric vehicle battery plant in Canada, with the help of billions of dollars in financial aid from the federal and Ontario provincial governments.
the This figure includes investment by joint venture partners, Honda (Hamad Medical CorporationHe said, with the aim of starting production of electric vehicles at the new facility in 2028, manufacturing 240,000 vehicles annually, while the capacity of the standalone battery factory will reach 36 GWh per year.
The company said it is considering Alliston, Ontario, as a location for Canadian electric vehicle production; It already manufactures the gasoline-powered Civic and CR-V at its Alliston facility, where it has been producing cars since 1986.
Honda's (HMC) move is part of a longer-term bet on consumer demand for electric vehicles in North America, as the company continues to push toward its goal of electric vehicles accounting for 100% of sales by 2040 — despite a recent slowdown in auto sales growth. electrical.
Honda (HMC) has begun ramping up its electric vehicle plans in Ohio, where it expects to begin building electric vehicles in late 2025 at the Maryville plant, which it sees as a foundation for future electric vehicle and electric battery production, and to share expertise with other Honda facilities. In North America, including new Canadian plants.