Honda to Make $11 Billion Investment in new EV Hub in Canada
For many of us, it’s no surprise that EVs (Electric Vehicles) are taking over the roads around the world. And, in recent news, big car manufacturers from all over seem to be racing to make the biggest investments in new EV technology.
Honda, for example, seems to be the current runner-up in the EV race. The Japanese car giant has revealed its plans to make an $11 Billion investment to create a monster electric vehicle hub in Ontario, Canada. It’s a bold investment and statement made alongside a currently-unknown joint venture as a partner – intriguing news indeed!
Honda has stated that the hub will include brand new battery and assembly plants, among other crucial EV development assets, to help them take new strides in the electric vehicle game.
The goal is for EV production to begin in the plant no later than 2028. Honda also plans on making around 240,000 EVs per year once the plant is fully up and operational! Again, it’s a bold goal and a bit of a statement – so, why make this type of investment right now? What’s on the cards?
Not only is Honda trying desperately to match and, naturally, surpass its competitors’ EV goals, the firm also plans to produce exclusively electric and fuel cell-powered vehicles by 2040. You read that right—no more gasoline cars for Honda!
While some competitors may be hesitating due to the current low demand for EVs in certain parts of the world, Honda is forging ahead. The establishment of the massive EV hub in Canada is a strategic move, positioning Honda to meet what seems to be an anticipated surge in EV demand across North America.
It’s not just EV enthusiasts who will be pleased with Honda’s plans. The Ontario-based EV plant is expected to generate approximately 1,000 new job opportunities, a significant boost to the economy. It’s pretty safe to say Canada will be welcoming their Japanese visitors with open arms.
Interestingly, Canada isn’t the only North American nation that has benefited from the Japanese company’s plans. Some of you may recall that only last year, Honda announced that they were making a $4.4 billion investment in a similar US-based battery plant.
The plant, which is set to launch in Ohio, may seem significantly smaller for Honda fans based in the US compared to those anticipating change in Canada.
However, with plans to finalize the plant’s setup by the end of the year forging ahead, it’s safe to say Ohio’s economy will stand to benefit from such an eyebrow-raising foreign investment.
If there’s any technology on car manufacturers’ lips right now, it’s EV. The world of auto production and design is going completely green – and Honda’s goals, while bold, are perhaps a little conservative compared to those of some of its rivals.
Will Honda’s plans to surge (literally) into Canada and the US prove fruitful for the Japanese leviathan? We’ll let you know as soon as we know more.