Honda Nears Agreement With Canada To Expand Electric Vehicle Capacity : Report

(RTTNews) - Honda Motor Co is close to finalizing an agreement with Canada to establish electric vehicle manufacturing operations and produce components in Ontario, Bloomberg reported citing people familiar with the matter.

The deal, set to be announced within a week, entails a multibillion-dollar investment by Honda to develop new facilities for processing cathode active materials, manufacturing batteries, and assembling battery-powered vehicles. This would position southern Ontario as a central hub for the company's EV manufacturing in North America, the report said.

The report noted that the Canadian government would provide subsidies to cover a portion of the capital costs.