Honda Shelves $11B Ontario EV Factory
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- Honda shelved its C$15 billion ($11 billion) Ontario EV and battery hub, turning a two‑year pause into an indefinite retreat.
- Honda took a $15.7 billion writedown on its EV business, triggering its first annual loss in nearly 70 years.
- Honda cancelled three North American EV models — the 0 Series sedan, SUV, and Acura RSX — and ended its Sony Afeela partnership.
- Asahi Kasei pushed its battery‑materials plant timeline to 2029 or later, reflecting the stalled Honda project.
- Honda projected a 59 % drop in operating profit for FY ending March 2026, with 650 billion yen losses from tariffs, including 300 billion yen levies on imported vehicles.
Why it matters: Honda loses a $11 billion investment and thousands of jobs, while Canada forfeits a major EV manufacturing hub; the retreat deepens Canada’s EV supply‑chain gap and forces suppliers to chase other regions.
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