A Brand new Honda Pilot is displayed on the sales lot at Honda Marin on February 06, 2024 in San Rafael, California.
Justin Sullivan | Getty Images
DEROIT – Honda Motor and its joint venture partners plan to invest $11 billion in Ontario, Canada to create a “comprehensive EV value chain,” the Japanese automaker announced Thursday.
The company said the plans include new assembly and battery plants as well as other facilities to support production of the all-electric and fuel cell-powered vehicles.
Honda said vehicle production will begin in 2028, with annual vehicle capacity of 240,000 units once it’s fully operational. The investment is expected to greatly assist in Honda’s goal of exclusively offering all-electric and fuel cell-powered vehicles by 2040.
Prime Minister of Canada Justin Trudeau during a livestreamed press conference Thursday said Honda’s investment is the largest ever for the country’s automotive industry.