Honda has agreed to establish a new, multibillion-dollar electric vehicle operation in Ontario, according to government sources.
OTTAWA — Japanese automaker Honda has agreed to establish a major new, multibillion-dollar electric vehicle operation in Ontario, according to federal and provincial government sources.
The deal is expected to be announced Thursday at Honda’s existing factory in Alliston, north of Toronto, where the company will reveal plans to bring a “massive project” to Ontario for the manufacturing of electric vehicles, batteries and other components, government sources with knowledge of the situation told the Star.
One source, who spoke on condition they not be named, said the deal is worth billions of dollars, and would be based on federal funding through investment tax credits — rather than direct subsidies worth billions of dollars that attracted other automakers, including Volkswagen and Stellantis, to set up EV battery plants in Ontario — along with additional support from the provincial government.
A second federal government source confirmed the Honda agreement is coming, but did not provide any details — as did insiders at Queen’s Park.
For the rest of this article: https://www.thestar.com/politics/honda-makes-multibillion-dollar-deal-to-build-electric-vehicle-factory-in-ontario-sources/article_26092a72-00b6-11ef-a10e-771e5f73c646.html