Honda Canada is delaying a $15 billion investment project in electric vehicles in Ontario, including a planned EV battery manufacturing facility and an upgraded vehicle assembly plant.
The news was made public during a May 13 Honda Global press conference to announce the company’s financial results for its latest fiscal year, which ended on March 31.
“Looking ahead, the growth of the electric vehicle market has slowed more than initially expected, making it difficult to anticipate further progress,” Honda CEO Toshihiro Mibe told investors during his presentation. “Therefore, we have decided to postpone large-scale investments in Canada.”
Honda Canada spokesman Ken Chiu said Honda is planning an approximate two-year postponement of the comprehensive value chain investment project in Ontario….