The Strategist

Honda to build $14 billion electric car plant in Canada

01/09/2024 - 05:37

According to the Nikkei newspaper, Japanese carmaker Honda Motor Co. is thinking of establishing an electric vehicle manufacturing facility in Canada.

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The project may require up to 2 trillion yen ($14 billion) in investments.

Honda is looking at a number of locations for the plant, one of which is close to its current Ontario operation. According to Nikkei, the project might involve building facilities for the manufacture of batteries for electric vehicles.

By the end of 2024, the carmaker hopes to have selected a location for the Canadian plant. The facility is anticipated to be operating early in 2028.

In 2026, Honda plans to begin manufacturing electric vehicles and batteries in the U.S. state of Ohio. This will make the Canadian facility the Japanese company's second-largest North American operation.

Honda makes approximately 40% of overall sales in this area.



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