Honda hopes to sell only zero-emission vehicles by 2040, with a goal of going carbon-neutral in its own operations by 2050. Photo: TOSHIFUMI KITAMURA / AFPCelebrate Youth Month with Briefly News! Nominate a young entrepreneur under 35 with an inspiring story to be our 7th 'Young Money Maker'.
"This week, we've landed a new deal. It will be the largest deal in Canadian history. It'll be double the size of," he said, referring to a battery plant announced last year, for which the German automaker pledged Can$7 billion in investment.Canada in recent years has been positioning itself as an attractive destination for electric vehicle investment, touting tax incentives, renewable energy access and its rare mineral deposits.
The Honda plant, to be built an hour outside Toronto, in Alliston, will also produce electric-vehicle batteries, joining existing Volkswagen and Stellantis battery plants.In January, when news of the deal first bubbled up in the Japanese press, the Nikkei newspaper estimated it would be worth Can$14 billion -- numbers backed up by Canadian officials recently.
Canada's strategy follows that of the neighboring United States, whose Inflation Reduction Act has provided a host of incentives for green industry. Honda hopes to sell only zero-emission vehicles by 2040, with a goal of going carbon-neutral in its own operations by 2050.