(CTN News) – As part of its near 2 trillion yen ($13.83 billion) project, Honda Motor Co (7267.T) is considering building an electric vehicle plant in Canada, which is likely to include battery production in-house, Nikkei News reported on Sunday, according to the Japanese news group.
It is believed that the project could be largest investment to date, according to the report.
In addition to the existing automobile factory in Ontario, Honda has been looking at numerous potential sites for the new plant, according to Nikkei newspaper, adding that the Japanese automaker expects to come to a decision by the end of the year and expects the new plant to start production as soon as 2028, according to Nikkei. After Reuters contacted Honda for comment on the report,
Honda did not respond immediately to the request for comment.
On the basis of its new :Architecture, Honda has already planned to begin producing and selling electric vehicles in North America from 2026 onwards.
A joint venture between the automaker and LG Energy Solution (373220.KS) had announced in 2022 that a $4.4 billion battery plant would be built in Ohio as a result of a joint venture between the two companies.
In October 2023, Honda Motor Company and General Motors (GM.N), two of the world’s largest automakers, announced they were ceasing to work together on affordable electric vehicles (EVs).
This announcement came one year and General Motors (GM.N) agreed to work together to develop an electric vehicle (EV) rival to Tesla Motors (TSLA.O).