Honda to establish $14 bln EV plant in Canada

Honda Motor Co. is set to establish an electric vehicle (EV) plant in Canada worth two trillion yen ($13.83 billion), Reuters reported on Monday.

Canada’s minister of industry told Reuters that the reports show the country’s workforce quality.

During the first nine months of 2023, EVs accounted for less than 0.5 per cent of the company’s worldwide sales of 2.8 million cars.

Japan’s Nikkei news group said that Honda is considering a number of potential sites and is expected to come to a decision by the end of 2024.

The new plant is set to start production by 2028, with plans of EV production from another plant in North America to start by 2026.