Ottawa and Ontario Announce $15B Honda EV Deal

Published on April 25, 2024

Japanese automotive giant Honda is investing $15 billion into a new electric vehicle (EV) battery plant next to its assembly plant in Alliston, Ont., Prime Minister Justin Trudeau, Ontario Premier Doug Ford, and several Honda executives announced on April 25. The federal government is expected to invest $2.5 billion in the deal through the EV Supply Chain investment tax credit and the proposed Clean Technology Manufacturing investment tax credit. The government of Ontario will also invest $2.5 billion in the form of direct and indirect incentives. Honda Global CEO Toshihiro Mibe said Honda would be building the EVs entirely in Canada from raw materials to finished vehicles, and will begin production in 2028. Once the assembly plant is fully operational, it will produce as many as 240,000 vehicles per year said a government statement....

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