FYI

Honda Nears Deal With Canada to Boost Electric Vehicle Capacity

• Automaker to invest billions in new EV project in Ontario
• Honda will receive tax credits from Canada to offset cost

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By Brian Platt

April 22, 2024 at 10:56 AM GMT+10

Canada is on the verge of an agreement with Honda Motor Co. that would see the Japanese firm build electric vehicles and their components in the province of Ontario, according to people familiar with the matter.

The deal, expected to be announced within a week, involves a multibillion-dollar commitment by Honda for new facilities to process cathode active materials, build batteries, and assemble battery-powered vehicles — making southern Ontario a key hub of company’s EV manufacturing plans in North America. The Canadian government would subsidize a portion of the capital cost.