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EV Value Chain

Honda has unveiled plans to construct a robust electric vehicle (EV) value chain in Ontario, Canada, as part of its strategy to bolster its EV supply system in anticipation of growing EV demand in North America. This initiative entails an estimated investment of CAD$15 billion (USD$11 billion), inclusive of contributions from joint venture partners. Jean Marc Leclerc, President and CEO of Honda Canada, hailed this move as a significant investment in the Canadian auto industry, recognizing the skilled associates and the attractiveness of Canada’s EV manufacturing ecosystem. This announcement aligns with Honda’s aggressive electrification agenda outlined in 2021, aiming for 100% battery-electric and fuel cell electric vehicle sales by 2040, with incremental targets for major markets like North America. The company’s recent investments in the U.S. and collaboration with LG Energy Solution signal its commitment to this transition. In Ontario, Honda plans to evaluate the feasibility of establishing an EV plant and battery plant, along with additional facilities for cathode active material, precursor processing, and separator production. The envisioned EV plant is projected to commence production in 2028, with an annual capacity of 240,000 EVs, while the EV battery plant aims for a capacity of 36 GWh per year. Toshihiro Mibe, Global CEO of Honda, emphasized the company’s progress towards its carbon neutrality goal and highlighted collaboration with government entities in Canada and Ontario to facilitate this initiative, leveraging incentives and tax credits to support the investment.

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