Trudeau’s EV push nets record CA$15B Honda deal

By Zi-Ann Lum | 04/26/2024 06:49 AM EDT

Japanese automaker to build four new plants in Ontario.

Honda is making a 15-billion-Canadian-dollar bet in Canada to build a comprehensive electric vehicle supply chain project — the largest auto deal in the country’s history.

The investment is a major win for Prime Minister Justin Trudeau’s government’s electric vehicle push. Honda, lured by a new EV supply chain federal investment tax credit, has committed to building four battery manufacturing and assembly plants in Ontario.

“Countries around the world are trying to throw money at different companies to try and drive investment,” Trudeau told reporters today, defending the use of the new investment tax credit to win over Honda. “We need to be responsible and competitive with that.”


— Details: Honda said its new plants will create at least 1,000 new jobs and “significant” employment in spinoff jobs such as construction.