Honda is reportedly considering investing up to $18.5 billion in building an electric-vehicle (EV) factory in Canada, as per reports from Japanese news group Nikkei. The potential plant may also produce electric batteries and is part of Honda's efforts to catch up with U.S. and European rivals in the EV production race. The federal government of Canada welcomes this development, recognizing the country's growing reputation as a green supplier and a global leader in EVs. Honda is exploring various sites for the potential factory, including one next to its existing automobile facility in Ontario. The decision on the investment is expected by the end of 2024, and the facility could start operations as early as 2028. Honda's focus on EVs aligns with Canada's ambitions in clean technology, and the government aims to position the country as a world leader in critical minerals and batteries. While it is unclear whether subsidies will be offered for the Honda EV plant, both the federal and Ontario governments have a history of providing financial assistance to the EV sector.
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