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Canada","honda-invests-11-billion-in-ev-battery-and-cathode-production-in-canada","article/honda-invests-11-billion-in-ev-battery-and-cathode-production-in-canada",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":664,"featured":51,"reporter":665,"_editable":669,"component":670,"seo_title":543,"categories":671,"visibility":680,"author_company":49,"featured_image":681,"seo_description":664,"author_full_name":49,"author_job_title":49,"formattedDate":687,"formattedArticleDate":688},"88d2d331-e664-4b60-bcc8-718850a68c48","2024-04-30 00:00",[550,553,556],{"slug":551,"name":552},"canada","Canada",{"slug":554,"name":555},"honda","Honda",{"slug":557,"name":558},"inflation-reduction-act","Inflation Reduction Act",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":570,"content":571},"doc",[572,579,584,591,596,601,616,621,634,639,644,649,654,659],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"Canada’s battery and electric vehicle (EV) supply chain continues to grow with Honda Motor announcing a C$15 billion ($11 billion) investment in Ontario. ","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"“This new project reflects Honda’s expectations of increasing EV demand in North America as it tries to develop a battery ecosystem in a region where it expects less competition from Chinese rivals,” said Anya Sidhu, an analyst at Benchmark. ",{"type":585,"attrs":586,"content":588},"heading",{"level":587,"textAlign":49},4,[589],{"text":590,"type":578},"What is the impact of the investment?",{"type":573,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":578},"As part of the investment Honda will develop four new factories: ",{"type":573,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":578},"The deal builds on Honda’s footprint in North America, where it is currently developing a gigafactory in Ohio, US, in partnership with South Korea’s LG Energy Solution. ",{"type":573,"attrs":602,"content":603},{"textAlign":49},[604,606,614],{"text":605,"type":578},"This is a significant investment for both Honda – its largest in the region – and Canada, which currently has no active battery cell capacity, according to ",{"text":607,"type":578,"marks":608},"Benchmark’s Gigafactory Assessment",[609],{"type":610,"attrs":611},"link",{"href":612,"uuid":49,"anchor":49,"target":49,"linktype":613},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/","url",{"text":615,"type":578},". However, the country has attracted substantial investment and is forecast to have 168 gigawatt hours (GWh) of battery capacity by 2030 across four gigafactories.",{"type":573,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":578},"Of the four Canadian gigafactories currently in the pipeline, three are expected to produce cells for EVs and two of these are automaker owned plants. One is a joint venture between battery maker LGES and Stellantis and the other is owned by Germany’s Volkswagen. ",{"type":573,"attrs":622,"content":623},{"textAlign":49},[624,626,632],{"text":625,"type":578},"Honda and Posco’s investments reflect the growing trend of ",{"text":627,"type":578,"marks":628},"Japanese and South Korean companies prioritising expansion in North America",[629],{"type":610,"attrs":630},{"href":631,"uuid":49,"anchor":49,"target":49,"linktype":613},"https://source.benchmarkminerals.com/article/japanese-and-south-korean-battery-makers-prioritise-north-america-over-asia",{"text":633,"type":578},". Almost half of production expansions from South Korean and Japanese battery manufacturers this decade will be in North America.",{"type":585,"attrs":635,"content":636},{"level":587,"textAlign":49},[637],{"text":638,"type":578},"Ontario sits at the heart of North America’s supply chain",{"type":573,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":578},"Ontario is becoming a key region in the North American battery supply chain. Prior to the announcement from Honda, Ontario had seen more than $9.3 billion invested in battery cell production and has a pipeline capacity of 105 GWh to 2030, coming from two plants. Investment in Quebec stands at $5.2 billion, with one 60 GWh capacity plant in 2030.",{"type":573,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":578},"Central Canada is emerging as a key regional hub in the midstream of the North American lithium ion battery supply chain, owing to an abundance of critical minerals in the region, its access to clean energy, and close proximity to the US EV market.",{"type":573,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":578},"It is a similar story at the cathode level of the value chain, with the Benchmark Cathode Assessment tracking seven facilities being constructed in central Canada – a supply pipeline projected to account for 12% of North American gigafactory cathode demand by the end of the decade.",{"type":573,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":578},"Moreover, Electra Battery Materials is close to bringing North America’s first nickel and cobalt refining complex onstream later this year, while Posco, Umicore, and Toda Advanced Materials are amongst those building out up to 175,000 tonnes of battery precursor capacity across Ontario and Quebec by 2030. Posco and Umicore’s battery precursor facilities will be used to feed their adjacent cathode production facilities.",{"type":585,"attrs":660,"content":661},{"level":587,"textAlign":49},[662],{"text":663,"type":578},"Cathode active material and gigafactory projects in Ontario and Quebec","Canada’s battery and electric vehicle (EV) supply chain continues to grow with Honda Motor announcing a C$15 billion ($11 billion) investment in Ontario. “This new project reflects Honda’s expectations of increasing EV demand in North America as it tries to develop a battery ecosystem in a region where it expects less competition from Chinese rivals,” […]",[666],{"slug":561,"name":562,"content":667},{"job_title":564,"image":668,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"88d2d331-e664-4b60-bcc8-718850a68c48\", \"id\": \"\"}-->","article",[672,675,677],{"slug":673,"name":674},"batteries","Batteries",{"slug":676,"name":298},"cathode",{"slug":678,"name":679},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":682,"name":683,"focus":683,"title":682,"source":683,"filename":684,"copyright":683,"fieldtype":685,"meta_data":686,"is_external_url":51},"Honda sign on the front of a dealership","","https://a.storyblok.com/f/287943243085208/60476515a5/bm-honda-investment-featured-image.jpg","asset",{"alt":682,"title":682,"source":683,"copyright":683},"Apr 30, 2024","30th April 2024",[],[],1782119847452]