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Honda will invest $11 billion in building an electric vehicle supply chain in Canada, and the government will provide billions of dollars in financial assistance. The investment includes annual production of 240,000 vehicles at the new Alliston plant by 2028 and the construction of a 36 GWh battery factory.
This move is a long-term investment in North American consumer demand and advances the company’s goal of achieving 100% electric vehicle sales by 2040. The investment also reduces reliance on external battery manufacturers. The government has pledged up to C$5 billion in aid, including investment tax credits and incentives.
This is an important milestone in the Canadian automotive industry’s transition to electric vehicles.
(Source: Bloomberg Image source: unsplash)
