India Reporter Live

Honda intends to build its next electric vehicle factory in Canada

<p>Honda Motor Company is preparing to build a new electric vehicle (EV) facility in another nation, perhaps involving an expenditure of more than $13 billion. This is a significant step.</p>
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<p>According to the most recent sources, the Japanese carmaker is thinking of constructing its next electric vehicle plant in Canada as part of its multibillion-dollar initiative. By 2028, it may also start making its batteries there.</p>
<p>Japan’s Nikkei newspaper claims that Honda may have made its largest investment to date in this major undertaking. The business, claiming its incapacity to provide any information at this time, has not yet issued an official statement on the matter.</p>
<p>Notably, this occurs at a time when Honda, the second-biggest carmaker in Japan, is eager to increase the number of electric cars it sells. Honda established a lofty goal earlier in 2021 to produce all electric vehicles (EVs) by the year 2040, according to HT.</p>
<p>According to the article, the corporation is also looking into several sites for the facility, with particular attention to how close it is to an existing manufacturing in Ontario. By year’s end, a definitive ruling on the issue is anticipated, and construction on the new facility is probably going to start as early as 2028.</p>
<p>Francois-Philippe Champagne, Canada’s minister of industry, responded to the news by saying that it demonstrated the nation’s increasing standing as a pioneer in luring green capital into the automotive sector.</p>
Based on its new e-architecture, the Japanese manufacturer already expects to start EV manufacturing and sales in North America by 2026. Honda has already selected Ohio as the location of a $4.4 billion joint venture battery factory with LG Energy Solution for 2022. A year after their $5 billion partnership, Honda and General Motors abandoned their cooperative aim to manufacture inexpensive EVs later in 2023.</p>
<p>As borrowing rates have risen, EV sales in the US have been gradually declining, but Honda is eager to buck the trend. The government of US President Joe Biden has also established a target of having around 50% of all new car sales to be electric by 2020. On the other hand, PM Justin Trudeau has suggested a goal of having at least 60% of the new cars sold in the nation be zero-emission by the same year, despite Honda apparently having eyes on building a new EV plant in Canada.</p>

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