Honda Canada will postpone the investment project in electric vehicles with a value of $ 15 billion ($ 10.7 billion) in the most overcrowded provinces in Canada, including the proposed EV batteries factory and the re -equipped vehicle collection facility.
Honda’s spokesman Ken Cheo said on Tuesday due to the recent slowdown in the EV market, Honda announced a two -year rough postponement of the comprehensive investment project for the value chain in Ontario.
“The company will continue to evaluate the timing and advance the project with the change of market conditions,” Cheo said in a statement.
He added that the decision has no effect on the current employment at the Honda Industrial Factory in Alexon, Ontario.
The Honda’s EV project in Canada includes a reassembled assembled factory, and the electric vehicle battery plant is close, as well as two main battery facilities in Ontario.
The project was expected to see that the main manufacturers create 1,000 jobs at the forefront to keep a current job of 4,200 jobs at the assembly factory.
Under the original plan, the factory was appointed to produce up to 240,000 cars annually when full operation in 2028.
Ottawa was appointed to grant the Japanese auto industry about $ 2.5 billion Canadian dollars ($ 1.8 billion) through tax credits, while Ontario is committed to providing up to $ 2.5 billion Canadian dollars ($ 1.8 billion) directly and indirectly.
“Everyone is still the consequences of market cooling on customs tariff procedures in the United States, including Honda,” including Flavo Volby, President of the Association of Automotive Parts Manufacturers, published on social media.
This story was originally shown on Fortune.com
https://fortune.com/img-assets/wp-content/uploads/2025/05/GettyImages-2209868229.jpg?resize=1200,600
Source link