News
Honda Earmarks $11 Billion To Establish Comprehensive EV Value Chain In Canada
Honda announced a major shift in its strategy today. The company plans to invest $11 billion into Canada’s first EV supply chain capable of producing 240,000 Honda EVs per year. The vehicles will be destined for the Canadian and US markets.
If everything goes as planned, this will be the largest EV investment in Canada, and it will include an EV production plant and a dedicated EV battery plant in Alliston, Ontario. Once established, the EV production lines will have an annual capacity of 240,000 vehicles, while the battery plant will be capable of 36 GWh per year.
The investment also includes a cathode active material and precursor plant for its batteries in collaboration with POSCO Future M and another one with Asahi Kasei Corp. On the other hand, the dedicated battery factory will be built as a joint venture with LG Energy Solution.
The production of EVs is scheduled to kick off sometime next year.
Honda plans to have 100% of its sales come from EVs by 2040 and this huge investment is a big part of it.
