Honda to set up $11 billion EV production base in Canada

FILE PHOTO: A Honda car stands on the day Honda announces plans to build electric vehicles and their parts in Ontario with financial support from the Canadian and provincial governments, at their automotive assembly plant in Alliston, Ontario, Canada, April 25, 2024. REUTERS/Carlos Osorio/File PhotoTOKYO : Honda Motor plans to build an EV production base in Ontario, it said on Thursday, a C$15 billion investment that will mark the Japanese automaker's largest ever in Canada.

In Canada, it intends to produce essential EV components through joint ventures with companies such as Asahi Kasei, setting up a production system that covers everything from materials to finished vehicles. Honda said it expects to contribute 60 per cent-70 per cent of the total investment, with the rest coming from joint venture partners and Ontario government subsidies.

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