, assembly plant, which it is retooling to produce fully electric vehicles as part of a $15-billion project to create a supply chain in the province for the Japanese automaker.
Federal Finance Minister Chrystia Freeland's recent budget announced a 10 per cent Electric Vehicle Supply Chain investment tax credit on the cost of buildings related to EV production as long as the business invests in assembly, battery production and cathode active material production in Canada. "That's not just creating jobs, great jobs for 1,000 new people around here, that's contributing to an ecosystem that will involve parts suppliers, it'll involve communities with vibrant art scenes and strong main streets, it'll involve future generations of Canada building the kinds of solutions the world needs," he said.
"We can't trust that his latest announcement of $5 billion in Canadian taxpayer money to another large multinational corporation will be any different," two critics wrote in a joint statement.The $15-billion Honda project includes the retooled plant, an electric vehicle battery plant nearby, as well as two key battery parts facilities located elsewhere in Ontario. Honda and POSCO Future M Co., Ltd.
Trudeau, Ford and Honda executives were on hand in March 2022 when the Japanese automaker announced hybrid production at the plant, with $131.6 million in assistance from each of the two levels of government. The offer was also extended to Volkswagen for its electric vehicle battery facility and that deal could see up to $13 billion in incentives.
Source: Energy Industry News (energyindustrynews.net)
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