Federal and Ontario govts. announce multibillion-dollar Honda EV deal - April 25, 2024

Prime Minister Justin Trudeau and Ontario Premier Doug Ford hold a news conference in Alliston, Ont., where they discuss details of an agreement for Honda to build electric vehicles and their parts in the province. They are joined by federal ministers Chrystia Freeland (finance) and François-Philippe Champagne (industry), and Ontario ministers Vic Fedeli (economic development) and Peter Bethlenfalvy (finance).
Honda will invest approximately $15 billion to create Canada’s first comprehensive electric vehicle supply chain. The Japanese automaker will build four new manufacturing plants, including Honda's first electric vehicle assembly facility. Honda and its partners will benefit from up to $2.5 billion in support from the federal government through the proposed EV supply chain investment and clean technology manufacturing investment tax credits. The Ontario government will provide up to $2.5 billion through various direct and indirect incentives.