Concluding what Ontario Premier Doug Ford is calling the "largest deal in Canadian history," Honda is expected to announce later this week a multi-billion dollar commitment to build electric vehicles and their parts in Ontario, government sources have told CBC News.
The senior government sources, who spoke to CBC News on condition of confidentiality because they weren't authorized to speak publicly, said the deal is expected to involve new facilities to build batteries, process cathode active materials — a component of the batteries used in electric vehicles — and assemble battery-powered vehicles.
The news was first reported by Bloomberg.
The sources said the announcement is set to be made Thursday at Honda's plant in Alliston, Ont. Details of government subsides for the project could become public at that point.
Last week's budget, which has yet to pass Parliament, pitched a EV supply chain investment tax credit that likely acted as a sweetener for Honda. The government is proposing a 10 per cent tax credit on the cost of buildings used in three keys area of the EV supply chain: assembly, battery production and cathode active material production.
Ford teased the deal during remarks at the annual First Nations Major Projects Coalition conference on Monday.
"This week, we landed a new deal. It'll be the largest deal in Canadian history," he told the crowd. "So stay tuned, I'll be announcing it this week."
Ford suggested the deal will involve multiple facilities "right across the region."
"Everyone's going to benefit," he said.
Major push to attract EV makers
The anticipated Honda deal is the latest in a series of announcements of projects building up the electric vehicle industry in Canada, mainly in Ontario and Quebec.
Last year, federal and provincial governments announced a number of deals with EV battery producers Northvolt, Volkswagen and Stellantis-LGES.
Governments have defended subsidizing EV production as a way to keep pace with measures contained in the Inflation Reduction Act, a $369 billion U.S. program that offers subsidies and incentives to American companies building electric cars.
Reacting to the deal, Automotive Parts Manufacturers' Association president Flavio Volpe said supplier interest is high.
"Honda does not make speculative term bets," he told CBC News.
"In almost 40 years of making cars in Canada without failure or retreat, a Honda supply contract is extremely bankable."
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2024-04-22 16:28:39Z
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