Latest news with #HondaCanada
Epoch Times
19-05-2025
- Automotive
- Epoch Times
Honda Still Committed to EV Investments in Canada After Delaying $15 Billion Project: Industry Minister
Industry Minister Mélanie Joly says Honda Canada's CEO assured her that no Canadian jobs will be lost or modified, despite the company delaying $15 billion in electric vehicle (EV) investments in the country. Joly said in a statement 'He also confirmed that Honda is still fully committed to major EV investments right here in Canada, and we'll work together to make that happen,' she added. Honda CEO Toshihiro Mibe announced on May 13 that the company would be forced to Honda's Canadian projects include an EV manufacturing plant and a battery manufacturing facility located in Alliston, Ont. Construction had started on the factory last fall and was set to begin production in 2028, at which point it would produce an estimated 240,000 EVs annually. Honda had also begun work on a separator factory in Port Colborne, Ont., set to begin production in 2027, as well as a cathode active material plant and precursor cathode active material factory at another Ontario location in partnership with Posco Chemicals. Related Stories 5/13/2025 5/9/2025 Both the federal government and the province committed to a $2.5 billion investment in the Japanese automotive manufacturer's Ontario supply chain. Honda Global said its profit for the latest financial year ending March 31 had fallen 24.5 percent from the year prior, and that U.S. President Donald Trump's tariffs would further impact its earnings. The president has imposed 25 percent tariffs on automobiles exported from Canada and Mexico, and Canada has put reciprocal tariffs on U.S. vehicles. The tariffs apply to vehicles that are not compliant with the North American free trade deal. Honda Canada previously said on April 15 that it was not considering changes to its manufacturing in Canada 'at this time' and that its factory in Alliston would operate at full capacity 'for the foreseeable future.' The company added that the Alliston facility was the second-largest auto manufacturer in Canada by volume in 2024. It said that thanks to domestic sales being up 9 percent in the first quarter of 2025, 'Canadian production will remain at full capacity.' The federal government announced that it would allow automakers to Ontario Premier Doug Ford pledged on May 13 to hold 'accountable' auto companies that have received government funding but abandon plans to invest in and employ workers in Canada. 'We're going to make sure that they're held accountable and they continue manufacturing automobiles right here in Ontario,' Ford said, adding that Honda had 'promised us they're going to continue on with their expansion.'
Globe and Mail
18-05-2025
- Automotive
- Globe and Mail
Honda delays $15-billion EV project, Canadian Tire to buy Hudson's Bay stripes and Carney's new economy-focused cabinet: Business and investing stories for the week of May 18
Getting caught up on a week that got away? Here's your weekly digest of the Globe's most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more. Prime Minister Mark Carney unveiled a postelection cabinet filled with both new ministers and familiar faces (albeit several in new roles). His new cabinet has 28 ministers and 10 secretaries of state. Mr. Carney filled key roles with ministers who are expected to follow his lead in rapidly reshaping Canada's economy, including experienced ministers in key economic portfolios, such as Finance (François-Philippe Champagne), Canada-U.S. relations (Dominic LeBlanc), Internal Trade (Chrystia Freeland), Industry (Mélanie Joly) and Foreign Affairs (Anita Anand). Business leaders and executives says that Mr. Carney's cabinet picks reflect fiscal urgency as they expect Canada to act fast to boost growth, diversify trade, get energy projects built and restore a measure of fiscal discipline to the public purse. Meanwhile, former journalist Evan Solomon has been appointed Canada's first minister for artificial intelligence, a role that suggests AI will be a priority for the Liberal government. In yet another setback to Ontario's automotive sector, Honda Canada announced that it is delaying a $15-billion electric-vehicle project in Ontario for two years due to weak demand for EVs. The project, which was expected to create at least 1,000 jobs, was unveiled last year with great fanfare and backed with billions of dollars in government subsidies. Honda Canada said the decision has no impact on current employment or production levels at he company's Alliston, Ont., assembly plant. Adam Radwanski writes that Canada's new Industry Minister Mélanie Joly has her work cut out for her, especially when it comes to maintaining any momentum for the country's nascent electric-vehicle sector. Meanwhile, Canada's auto industry is already facing thousands of layoffs, shift reductions and temporary plant closures due to U.S. President Donald Trump's tariffs on auto-sector imports. For young Canadians, the labour market is the bleakest it's been in decades. The summer job market is also getting trounced. As of early May, summer job postings on Indeed Canada were down 22 per cent from last year, according to a new report from the job-search site. The decline is being driven by job postings for summer camp roles (everything from camp counsellors to lifeguards to painters), which have fallen by 32 per cent. Matt Lundy takes a closer look at the numbers in this week's Decoder series. Meanwhile, the youth unemployment rate (for those aged 15 to 24) hit 14.1 per cent in April. Many young people are worried about how the rocky job market is threatening their financial futures, pushing major life milestones, such as home ownership, further out of reach. Canadian Tire is set to acquire Hudson's Bay's intellectual property, including the historic stripe design that dates back to the 17th century, the retailer's coat of arms, logos and brand names. The $30-million deal would mark a significant moment for Canada's oldest retailer which was granted creditor protection in March and put it assets up for sale. The company is in the process of liquidating all 80 of its Bay stores across the country, as well as two Saks Fifth Avenue and 13 Saks OFF 5th locations the company operates in Canada. The Canadian Tire deal is subject to court approval, but the company expects the deal to close later this summer. More and more young Canadians are buying mundane businesses such as laundromats, car washes, and vending machine companies as a growing number of retiring baby boomers look to sell. The jobs are not flashy or glamorous – but that's the point. These budding entrepreneurs, often in their 20s to 40s, are looking to buy businesses that are already well-established in communities, with steady customers, proven revenue, and low overheads that make them more resilient to recessions. It's either a pathway to escape the monotony of a 9-to-5 job or simply an investment, similar to a rental property. Meera Raman spoke to a few young entrepreneurs who invested in a Vancouver laundromat, a car wash in Grenfell, Sask. and a powder coating business in Toronto as a way to secure their financial futures. Get the rest of the questions from the weekly business and investing news quiz here, and prepare for the week ahead with The Globe's investing calendar.
Toronto Sun
15-05-2025
- Business
- Toronto Sun
DON'T BLAME TRUMP'S TARIFFS: Honda stalls on EV assembly plant in Ontario
DOHA, QATAR - MAY 15: U.S. President Donald J. Trump gestures on stage as he tours the Al Udeid Air Base on May 15, 2025, in Doha, Qatar. Trump is on the third day of his visit to the Gulf to underscore the strategic partnership between the United States and Qatar, focusing on regional security and economic collaboration. (Photo by) WATCH: Earlier this week Honda Canada announced it was suspending construction on about $15B worth of EV assembly plants in Ontario. Sun political columnist Lorne Gunter explains that tariffs brought on my U.S. President Donald Trump are not the main cause. What do YOU think? Tell us your thoughts in the comment section below or send us a Letter to the Editor for possible publication to . Letters must be 250 words or less and signed. And don't forget to subscribe to our YouTube Channel. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account
National Observer
15-05-2025
- Automotive
- National Observer
Joly says Honda is still committed to EV investments after $15-billion project delayed
Industry Minister Mélanie Joly says Honda Canada remains "fully committed" to major electric-vehicle investments in Canada after the company announced Tuesday that it was pausing a multibillion-dollar EV project in Ontario. Joly said in a statement Wednesday that she spoke with Honda Canada's president and CEO, Dave Jamieson, who assured her that "no jobs will be lost." "He also confirmed that Honda is still fully committed to major EV investments right here in Canada — and we'll work together to make it happen," Joly said. Honda announced on Tuesday that it has postponed a $15-billion electric-vehicle project, citing market demand, and is shifting some production of its popular CR-V model intended for the US market to its Ohio plant because of tariffs. The halted investment marks by far the biggest project delay yet in Canada as the outlook for EV growth softens. Joly told reporters earlier Wednesday that her goal is to ensure the government is in "solution mode." In a quarterly earnings press conference on Tuesday in Japan, chief executive Toshihiro Mibe said the company will look at where the electric-vehicle market is in two years before deciding whether to keep going with the project. "What happens after two years and the starting time of the project, we have to observe what is happening and ultimately make the decision," he said, based on translated remarks. While he cited EV demand for the delay, he said the company's move to shift CR-V production to the US is a more immediate result of tariffs. "There is room to increase the production capacity in the United States, and we are trying to look into what will happen as a result of that," said Mibe. "In the midterm, if the tariff measures are to be in place for a long time, then we will have to increase our production capacity in the United States." At a gala dinner Wednesday at the Canadian Museum of History in Gatineau, Que., to launch the Business 7 Summit, Joly said her first priority is to make sure Canada supports the sectors that are on the front line of the trade war, including the auto sector and the steel and aluminum sectors. She said Canada needs to continue to protect its jobs and ensure it can attract investments as it deals with uncertainty amid the trade war with the US. Joly said she will also be on the "offence" and drive economic growth with a prime minister who she says is obsessed with the economy. "We are in this global competition to attract investments at a time where the world is more complicated, more dangerous," Joly said. Finance Minister François-Philippe Champagne, who was also at the event and spent at least 20 minutes chatting with US Ambassador to Canada Peter Hoekstra, said Prime Minister Mark Carney has challenged the government to be ambitious and have a more resilient economy. Honda was the second largest auto manufacturer in Canada last year based on the roughly 420,000 vehicles it produced, and the CR-V makes up close to half that total. Honda Canada spokesman Ken Chiu said the company has no plans to cut overall production or jobs in Canada, and that the company is instead shifting which vehicles go where based on tariffs. "We're basically swapping export destinations of a small portion of CRVs between our plants," he said by email. He said the decision to postpone the EV project, which would include a battery plant, a retooled assembly line and two other plants, has no effect on the 4,200 people who currently work at the Honda manufacturing plant in Alliston, Ont. Honda's decision, affecting plans that were expected to create 1,000 jobs, came as it reported a drop in profits and more on the way because of tariffs. The company said US President Donald Trump's tariffs are expected to cut US$4.4 billion from its operating profit for this fiscal year, largely because it has so many vehicles coming from Canada and Mexico into the US.
CTV News
15-05-2025
- Automotive
- CTV News
Joly says Honda still committed to EV investments after $15-billion project delayed
Minister of Industry Mélanie Joly speaks to journalists as she arrives for a meeting of the federal cabinet in West Block on Parliament Hill in Ottawa on Wednesday, May 14, 2025. THE CANADIAN PRESS/Justin Tang OTTAWA — Industry Minister Mélanie Joly says Honda Canada remains 'fully committed' to major electric-vehicle investments in Canada after the company announced Tuesday that it was pausing a multibillion-dollar EV project in Ontario. Joly said in a statement that she spoke with Honda Canada president and CEO Dave Jamieson, who assured her that 'no jobs will be lost.' Joly says Jamieson confirmed that Honda is still 'fully committed to major EV investments right here in Canada' and the two would work together to 'make it happen.' Honda announced on Tuesday that it has postponed a $15-billion electric-vehicle project, citing market demand, and is shifting some production of its popular CR-V model intended for the U.S. market to its Ohio plant because of tariffs. The halted investment marks by far the biggest project delay yet in Canada as the outlook for EV growth softens. Joly told reporters earlier Wednesday that her goal is to ensure the government is in 'solution mode.' In a quarterly earnings press conference on Tuesday in Japan, chief executive Toshihiro Mibe said the company will look at where the electric-vehicle market is in two years before deciding whether to keep going with the project. 'What happens after two years and the starting time of the project, we have to observe what is happening and ultimately make the decision,' he said, based on translated remarks. While he cited EV demand for the delay, he said the company's move to shift CR-V production to the U.S. is a more immediate result of tariffs. 'There is room to increase the production capacity in the United States, and we are trying to look into what will happen as a result of that,' said Mibe. 'In the midterm, if the tariff measures are to be in place for a long time, then we will have to increase our production capacity in the United States.' Honda was the second largest auto manufacturer in Canada last year based on the roughly 420,000 vehicles it produced, and the CR-V makes up close to half that total. Honda Canada spokesman Ken Chiu said the company has no plans to cut overall production or jobs in Canada, and that the company is instead shifting which vehicles go where based on tariffs. 'We're basically swapping export destinations of a small portion of CRVs between our plants,' he said by email. He said the decision to postpone the EV project, which would include a battery plant, a retooled assembly line and two other plants, has no effect on the 4,200 people who currently work at the Honda manufacturing plant in Alliston, Ont. Honda's decision, affecting plans that were expected to create 1,000 jobs, came as it reported a drop in profits and more on the way because of tariffs. The company said U.S. President Donald Trump's tariffs are expected to cut US$4.4 billion from its operating profit for this fiscal year, largely because it has so many vehicles coming from Canada and Mexico into the U.S. — With files from Ian Bickis This report by The Canadian Press was first published May 14, 2025. Catherine Morrison, The Canadian Press
