Honda Exploring a $14 Billion Investment for Electric Car Production in Canada

Honda's massive $14 billion plan for an electric car plant in Canada. Get the scoop on their ambitious move into the world of electric vehicles

Jan 7, 2024 - 06:50
Jan 7, 2024 - 06:50
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Honda Exploring a $14 Billion Investment for Electric Car Production in Canada
Honda Exploring a $14 Billion Investment for Electric Car Production in Canada

Reports from Japan's Nikkei news group say Honda Motor Co is mulling over a massive project in Canada. They're thinking about investing around $14 billion (that's a lot of money!) to build a place where they can make electric cars. This could be one of Honda's biggest spending plans ever!

They're looking at different spots for this big project, and one idea is to set it up near a car factory they already have in Ontario. The folks at Honda are hoping to make up their minds by the end of the year and want to start working on the new plant by 2028.

When asked about this, Honda didn't say anything back to Reuters.

Now, Honda already has a plan to start making and selling electric cars in North America by 2026. They've got this new thing called the Honda e:Architecture that they're excited about.

Also, in 2022, Honda teamed up with LG Energy Solution to build a big battery plant in Ohio. That project is worth a whopping $4.4 billion!

But, here's a twist. Back in October 2023, Honda and General Motors decided to drop a plan they had. They were going to work together on making cheaper electric cars, but they changed their minds after a year of trying to outdo Tesla in sales. Things don't always go as planned!

Also Read: Xiaomi Revs Up the Game with SU7 Electric Car Launch, Aims to Dominate Global Auto Scene

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