Honda Commits to E.V.s With Big Investment in Canada

Honda Motor announced a significant investment of $11 billion to build batteries and electric cars in Ontario. The move marks a shift in direction for the automaker, which has been slower to embrace electric vehicle (EV) technology compared to its Japanese counterparts like Toyota. The investment in Canada, alongside plans to retool its factory in Ohio, indicates Honda’s expectation of the growing popularity of EVs. Canadian leaders have been offering financial incentives to attract carmakers to establish a strong presence in the EV supply chain. Canada’s reserves of lithium and clean energy sources make it an attractive location for such investments. However, the recent decline in lithium prices raises concerns about the profitability of mining the metal in Canada.