Honda to invest $15B to build four new EV plants in Ontario

Prime Minister Justin Trudeau and Ontario Premier Doug Ford announced Thursday that Japanese automaker Honda will make a $15-billion electric vehicle investment in Ontario that will see four new manufacturing plants built in the province.

According to a government statement released to the media in advance of the announcement, the deal will result in “Canada’s first comprehensive electric vehicle supply chain.”

The deal includes the construction of Honda’s first electric vehicle assembly plant as well as a new stand-alone EV battery plant at Honda’s facility in Alliston, Ont.

“Honda will also build a cathode active material and precursor (CAM/pCAM) processing plant through a joint venture partnership with POSCO Future M Co., Ltd. and a separator plant through a joint venture partnership with Asahi Kasei Corporation,” the statement said.

Once the assembly plant is fully operational in 2028 it will produce as many as 240,000 vehicles per year and “create over one thousand well-paying manufacturing jobs” in the province.

More to come