Sunday, July 14, 2024
HomeBusinessHonda will spend $11 billion on its electric vehicle strategy in Canada

Honda will spend $11 billion on its electric vehicle strategy in Canada

Honda will spend 15 billion Canadian dollars ($11 billion) to build out its electric vehicle supply chain in Canada, with billions of dollars in government financial support, as the Japanese automaker looks to tap long-term demand in the region.

The figure includes investments by joint venture partners, and the goal is to start producing electric vehicles in 2028, Honda said. The company will produce 240,000 vehicles per year at a new factory in Alliston, Ontario – a city north of Toronto, where it currently produces gasoline-powered Honda CR-V and Civic models. A standalone battery factory with a capacity of 36 gigawatt hours will also be built in the community.

The push to develop its battery supply chain will also see Honda begin talks with South Korea’s Posco Future M for a cathode materials plant, and the company plans to collaborate with Japan’s Asahi Kasei in the area of the production of separators.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

Translate »