TOKYO (dpa-AFX) - Honda Motor Co., Ltd. (HMC) announced on Thursday its plans to establish a full EV value chain in Canada, investing approximately C$15 billion.
This investment, including contributions from joint venture partners, will go towards constructing an innovative and environmentally conscious Honda EV plant and a separate Honda EV battery plant in Alliston, Ontario.
Honda anticipates commencing EV production in 2028, with an expected annual production capacity of up to 240,000 EVs and 36 GWh for batteries.
The proposed Honda EV value chain will encompass a cathode active material and precursor processing plant in collaboration with POSCO Future M Co., Ltd., and a separator plant in partnership with Asahi Kasei Corp.
The company stated that the development of these new facilities will generate a considerable number of ancillary jobs across all sites, including within the construction industry.
Honda said that further details regarding this investment are set to be finalized within the next six months, with the assistance of the Canadian and Ontario governments in the form of Tax Credits and various direct and indirect provincial incentives.
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