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Honda nears deal with Canada to boost EV capacity in Ontario, report says

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pCanada is on the verge of an agreement with Honda Motor Co. that would see the Japanese firm build electric vehicles and their components in the province of Ontario, according to people familiar with the matter./p

Canada is on the verge of an agreement with Honda Motor Co. that would see the Japanese firm build electric vehicles and their components in the province of Ontario, people familiar with the matter tell Bloomberg.

However, comments April 22 from Ontario Premier Doug Ford and Economic Development Minister Vic Fedeli suggest it is a project worth around $14 billion or $15 billion. "We went from zero to $28 billion in three years and if the premier, if his comments are correct, then next week, we'll be announcing $43 billion ... in and around there," he said.

Still, manufacturers are making long-term bets. Last month, Honda and Nissan Motor Co. announced a plan to collaborate on technology for battery-based electric vehicles, including software, as they seek to keep up with Chinese rivals. Freeland was closely involved in the Honda negotiations and the new EV tax credit was specifically geared to landing the Japanese firm, according to people familiar with the discussions, though other EV companies will also qualify if they build enough of their supply chain in Canada.

 

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