Honda’s EV EV project is the last victim of industry slowing

Honda Canada will postpone an investment project of $ 15 million electric vehicles ($ 10.7 billion) in the most populous province of Canada, including a proposed EV battery plant and installation of returned vehicles assembly.

Honda Canada’s spokesman Ken Chiu said on Tuesday due to the recent slowdown in the EV market, Honda has announced a two -year postponement of the investment project of the integral value chain in Ontario.

“The company will continue to evaluate the calendar and the progression of the project as the market conditions change,” Chiu said in a statement.

The decision has no impact on the current occupation at the Honda de Alliston manufacturing plant, Ontario, he added.

The EV project of Honda in Canada includes a twisted assembly plant, a plant of batteries of electric vehicles nearby, as well as two facilities of key batteries located elsewhere in the Ontario.

The project was expected to see that the two main plants would create 1,000 jobs over the conservation of 4,200 jobs existing at the assembly plant.

Under the original plan, the plant occurred up to 240,000 vehicles a year when they were completely operational in 2028.

Ottawa offered the Japanese automobile manufacturer of about $ 2.5 billion ($ 1.8 billion) through tax credits, while Ontario pledged to provide up to $ 2.5 billion ($ 1.8 billion) with support directly and indirectly.

“The consequences of refrigeration of the United States Market of Tariffs are still feeling for everyone, including Honda,” said Flavio Volpe, president of the Automotive Parties Association, published on social media.

This story originally presented to Fortune.com

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