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Honda is finally joining the global EV race and has announced a major investment of $11 billion to build four new electric vehicle plants in Canada. The historic investment will be used to create a line of businesses capable of producing 240 Honda electric vehicles annually for the US and Canada.
It is noted that the capacity of the new plant for the production of traction batteries will be 36 GWh per year. It is expected that the production of machines at the new enterprises will start already in 2028.
In addition to the EV plant and the battery plant, Honda will build an active cathode material and precursor plant through a joint venture with POSCO Future M. The second plant is planned to be built in cooperation with Asahi Kasei Corp.
Justin Trudeau, Canada's prime minister, said Honda's investment would be a "game changer for manufacturing in Canada." With a complete supply chain, Honda plans to cut costs by more than 20%, he said.
Honda aims for electric and hydrogen cars to account for 2040% of car sales by 100. Honda also invested $700 million in retooling three factories in Ohio to make them the hub for future production of electric vehicles and batteries for electric vehicles.
