The 2024 federal budget tabled by Finance Minister Chrystia Freeland includes incentives designed to lure even more electric-vehicle assembly to Canada.
The 10-per-cent Electric Vehicle Supply Chain investment tax credit can be applied to the cost of buildings used in key segments of the EV supply chain for businesses that invest in Canada across three EV supply chain segments: EV assembly; EV battery production; and, cathode active material production, which are elements used in battery production.
“Big new EV investments coming soon,” Flavio Volpe, head of the Automotive Parts Manufacturers’ Association posted on X, formerly Twitter. Honda is seeking to at least expand its facility in Alliston — or possibly add an entirely new factory — to build a new EV there, according to media reports and auto production analysts.