Honda expected to announce Ontario EV battery plant, part of a $15B investment [BNN Bloomberg (Canada)]
Honda Motor Company, Ltd. (HMC)
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Source: BNN Bloomberg
an electric vehicle battery plant in Alliston, Ont., part of a $15-billion investment. Senior sources with information on the project have told The Canadian Press that Honda is also retooling its assembly plant in Alliston to produce fully electric vehicles. The $15-billion project includes the retooled plant, an electric vehicle battery plant in close proximity, as well as two key battery parts facilities located elsewhere in Ontario. There will likely be some capital investment from at least one level of government, but the sources say the deal does not involve production subsidies, which were used to woo two other automakers to build battery plants in Ontario instead of the United States with its incentives under the Inflation Reduction Act. Instead, the federal government has proposed in its recent budget a 10 per cent Electric Vehicle Supply Chain investment tax credit, which Honda could claim on top of an existing 30 per cent Clean Technology Manufacturing Investment tax
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