Honda postpones $15B of electric vehicle investments in Ontario
A major international auto maker is postponing its plans to plough billions into an electric vehicle overhaul of its operations in Ontario, including a new battery plant, citing dipping demand.
Honda Canada confirmed in a statement on Tuesday that it was pausing its Ontario plans by two years — stopping work on the battery plant, retooling its vehicle assembly facility and two battery part facilities.“Due to the recent slowdown of the EV market, Honda Motor has announced an approximate two-year postponement of the comprehensive value chain investment project in Canada,” Honda said in a statement.“The company will continue to evaluate the timing and project progression as market conditions change.”Honda said the decision would not impact its existing Honda manufacturing facility in Alliston...