Honda Canada is postponing a $15-billion electric vehicle investment project in Ontario, including a proposed EV battery plant and retooled vehicle assembly facility.
Honda Canada spokesman Ken Chiu says due to the recent slowdown in the EV market, Honda has announced an approximate two-year postponement of the comprehensive value chain investment project in Canada.
Get daily National news
Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.
Chiu says the company will continue to evaluate the timing and project progression as market conditions change.
The decision has no impact on current employment at the Honda manufacturing plant in Alliston, Ont., he added.
Honda’s EV project in Canada includes a retooled assembly plant, an electric vehicle battery plant in close proximity, as well as two key battery parts facilities located elsewhere in Ontario.
The plan was first announced in April 2024 and was to receive support from the federal and Ontario governments.