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Toronto Region Board of Trade applauds Honda EV deal

The Toronto Region Board of Trade congratulates the federal and provincial governments' partnership with Honda Motor Company landing a truly historic $15B investment in EV battery and battery component manufacturing. The single largest auto investment in Canadian history represents a significant vote of confidence by a leader in the global auto industry in Ontario’s resurgent manufacturing sector.

The Right Honourable Justin Trudeau, Prime Minister of Canada (centre) walks with Toshihiro Mibe, President and CEO of Honda Motor Co. (second from left), at Honda of Canada Mfg., where the company announced a $15-billion investment to build a comprehensive electric vehicle value chain in Canada.

Photo & caption credit: Honda Canada Inc.

This project will add 1,000 new jobs to our region’s auto sector. This is a highly competitive space that pits Ontario against several U.S. states. Honda’s decision to make its largest investment in its 75-year history in Ontario is a testament to our province’s high value supply chain capacity and our highly skilled and professional workforce. The decision to invest here was clinched with a multibillion dollar support package shared equally by Ontario and the federal government. Notably, this represents the maiden voyage for the federal government’s new investment tax credit policy for EV and supply chain manufacturing.   

This project is more than a battery plant: it encompasses several steps in the EV supply chain and will support other materials and parts suppliers across the region. Investments like this are crucial because the climate transition represents an industry with massive growth potential. 

This partnership will lead to economic growth, high-wage and high-productivity jobs. We need more investments like this if we are serious about addressing our region’s productivity crisis.

About The Toronto Region Board of Trade

The Toronto Region Board of Trade is one of the largest and most influential business chambers in North America and is a catalyst for the region’s economic agenda. We pursue policy change to drive the growth and competitiveness of the Toronto region and facilitate market opportunities with programs, partnerships and connections to help our members succeed – domestically and internationally.

Media Contact 

Jason Chapman, Communications and Media Relations Manager