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Bio Prep Watch: Honda to Invest $11B to Produce 240K EVs Annually

Honda has recently made a groundbreaking announcement that is set to revolutionize the future of electric vehicles (EVs) in Canada. The automotive giant has unveiled its plans to invest a whopping $11 billion in building four new EV plants in the country. This significant investment is aimed at establishing Canada’s first EV supply chain and producing a staggering 240,000 EVs annually for both the US and Canada markets.

The focal point of Honda’s expansion plans is the construction of a new EV plant and a stand-alone EV battery factory in Alliston, Ontario. The EV facility is expected to have a production capacity of 240,000 vehicles per year, while the battery plant will be able to produce an impressive 36 GWh per year. Production at these new plants is scheduled to commence in 2028.

In addition to the Alliston facilities, Honda is also planning to set up three more manufacturing plants in Ontario to build a comprehensive EV supply chain. The company is also looking to form joint ventures with POSCO Future M and Asahi Kasei Corp for the establishment of cathode active material and precursor plants.

Canadian Prime Minister Justin Trudeau has praised Honda’s multi-billion-dollar investment as a “game changer for manufacturing in Canada.” Honda’s ambitious goal is to have EVs and fuel cell electric vehicles (FCEVs) constitute 100% of its vehicle sales by 2040.

To kickstart its EV endeavors, Honda has recently launched the Honda Prologue, its first electric SUV, with a starting price of $47,400. With a $7,500 federal tax credit, the price of the Prologue can potentially drop as low as $39,900. Lace Woelfer, VP of Honda America National Auto Sales, described the Prologue as a sporty and stylish electric SUV that hits the “sweet spot” for customers.

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Furthermore, Honda has also allocated $700 million to retool three of its Ohio plants to gear up for future EV and EV battery production. The company’s massive investment and futuristic vision underscore its commitment to sustainable mobility and environmental stewardship.

Eric Daniel
Eric Daniel
"Lifelong alcohol enthusiast. Bacon ninja. Music specialist. Twitter nerd."

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