Honda Invests $11 Billion in Canadian EV Production
Honda is making a major push into the electric vehicle market with a $11 billion investment in Canada. The company plans to build an EV plant and a separate EV battery plant in Ontario, creating at least 1,000 new jobs.
The EV plant will have a production capacity of 240,000 EVs per year, while the battery plant will have a capacity of 36 GWh per year. Honda also plans to build a cathode active material and precursor processing plant through a joint venture with POSCO Future M Co., and a separator plant through a joint venture with Asahi Kasei Corp.
Honda expects EV production to start in 2028. This move comes as the world's automakers are rapidly shifting towards electric vehicles, focusing on batteries and motors instead of gas engines. Japanese automakers have fallen behind rivals such as Tesla and BYD in developing EVs, but Honda's investment in Canada signals a commitment to catching up.
Toyota Invests in Indiana EV Production
Toyota is also investing in EV production in North America. The company announced that it will invest $1.4 billion in its Princeton, Indiana plant to produce a battery electric SUV. The move will create up to 340 new jobs. This follows Toyota's recent announcement that it would invest $1.3 billion to produce a separate battery electric SUV at its Kentucky facility.
These investments by Honda and Toyota show that the future of the automotive industry is electric. As concerns about emissions and climate change grow, more and more automakers are making the switch to EVs. This is good news for the environment and for consumers, who will have more choices when it comes to buying electric vehicles.