April 20, 2024

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Honda considers $14 billion approach for EV manufacturing in Canada – National

Honda Motor Co is considering developing an electrical car or truck plant in Canada in a around 2 trillion yen ($13.83 billion in USD) job that could possibly include things like in-house generation of batteries, Japan’s Nikkei information group documented on Sunday.

The venture could be one of Honda’s premier investments, the report mentioned.

The Japanese automaker is hunting at numerous possible sites for the plant, such as subsequent to an current auto manufacturing facility in Ontario, Nikkei said, adding that Honda expects to arrive to a final decision by the finish of the 12 months and the new plant to commence as quickly as 2028.

Honda did not quickly respond to a Reuters request for comment on the report.

Business Minister François-Philippe Champagne did not affirm the report either, but said in a assertion to International News that it factors to Canada’s place as a world wide chief in attracting key green investments in the auto sector.

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“Reports about Honda on the lookout to make a important financial investment in Canada speaks to the high-quality of workforce and the toughness of our marketplace,” the minister told Worldwide Information by means of email.

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“It is a testomony to Canada’s growing reputation as a green provider of preference and world wide EV chief. We will continue to operate tirelessly to place Canada’s car sector for the 21st century financial system,” he claimed.

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Honda already has ideas to start off generation and product sales of EVs in North The usa in 2026, primarily based on its new Honda e:Architecture.

The automaker, with spouse LG Electrical power Option had in 2022 introduced Ohio as the internet site of their prepared $4.4 billion joint-undertaking battery plant.

In October 2023, Honda and Basic Motors said they had been scrapping a program to jointly create affordable electrical automobiles (EVs), a year right after they agreed to operate collectively in a $5 billion effort to try to defeat Tesla in income.

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–with files from Global News’ Carly Yoshida-Butryn.