US Markets
Thursday, April 25th, 2024 3:33 pm EDT
Key Points
- $11 Billion Investment: Honda Motor and its joint venture partners intend to invest $11 billion in Ontario, Canada, to establish a comprehensive electric vehicle (EV) value chain.
- Facility Expansion: Plans include the construction of new assembly and battery plants, along with other supporting facilities, to facilitate the production of both all-electric and fuel cell-powered vehicles.
- Production Timeline and Capacity: Vehicle production is slated to commence in 2028, with an anticipated annual capacity of 240,000 units once operations reach full capacity. This investment is expected to significantly contribute to Honda’s goal of exclusively offering all-electric and fuel cell-powered vehicles by 2040.
Honda Motor and its joint venture partners have unveiled plans to invest $11 billion in Ontario, Canada, aiming to establish a comprehensive electric vehicle (EV) value chain. This investment encompasses the construction of new assembly and battery plants, along with other supporting facilities to facilitate the production of all-electric and fuel cell-powered vehicles. Honda anticipates commencing vehicle production in 2028, with an annual capacity of 240,000 units once operations are fully underway. The significance of this investment extends beyond Honda’s immediate goals, aligning with its broader vision to transition exclusively to offering all-electric and fuel cell-powered vehicles by 2040. Prime Minister of Canada Justin Trudeau hailed this investment as a landmark achievement during a livestreamed press conference, emphasizing its status as the largest ever for the country’s automotive industry. This strategic move not only underscores Honda’s commitment to sustainability and innovation but also positions Ontario as a key player in the global shift towards electrification in the automotive sector.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/04/25/honda-to-build-11-billion-electric-vehicle-hub-in-canada.html
