In April last year, Honda announced it would invest CA$15 billion ($10.77 billion) in a comprehensive electric vehicle supply chain in Canada to include an EV plant and a standalone battery facility in Ontario. However, the auto industry looks a lot different now than it did 12 months ago after Donald Trump’s return to the Oval Office, and Honda says it’s delaying its Canadian EV investments by “approximately” two years.
In a letter sent to Honda shareholders, the automaker cited the current slowdown in EV demand as the reason for the delay in the plan. It added that it will keep a close eye on further market demands, but is not yet ready to confirm specific timing for the resumption of the project.
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