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▼ Honda To Freeze Plan For EV Plant Construction In Canada
- Category:Driving
Honda Motor Co will freeze its plan to build an electric vehicle factory in Canada due to slow U.S. demand for such cars, sources close to the matter said.
The company, which earlier canceled development of three EV models for production in North America, originally planned to invest C$15 billion ($11 billion) to build the EV plant and another factory to make batteries in the country.
The automaker last year decided to postpone the start of EV production in Canada from 2028 by about two years.
Honda will provide details when it reports fiscal 2025 financial results on May 14, the sources said.
Citing the rethink of its EV strategy, Honda has projected a net loss of between 420 billion yen ($2.6 billion) and 690 billion yen for the year ended March.
The company, which earlier canceled development of three EV models for production in North America, originally planned to invest C$15 billion ($11 billion) to build the EV plant and another factory to make batteries in the country.
The automaker last year decided to postpone the start of EV production in Canada from 2028 by about two years.
Honda will provide details when it reports fiscal 2025 financial results on May 14, the sources said.
Citing the rethink of its EV strategy, Honda has projected a net loss of between 420 billion yen ($2.6 billion) and 690 billion yen for the year ended March.
- 10/5 19:55
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