10:55:45 EDT Fri 15 May 2026
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Globe says Martinrea, others see Honda face reality

2026-05-15 07:56 ET - In the News

See In the News (C-MRE) Martinrea International Inc

The Globe and Mail reports in its Friday edition that Honda's decision to pause its electric vehicle project in Ontario highlights the challenges Canada's automotive sector faces due to decreased EV demand and uncertainties in its trade relationship with the United States. The Globe's Eric Atkins writes that Honda on Thursday confirmed it has indefinitely suspended its $15-billion plan to build an EV complex in the province, citing waning consumer demand and changing business conditions. The plan would have seen four plants built to foster the nascent Canadian EV supply chain, producing as many as 240,000 EVs -- most for the U.S. market -- while tapping the country's minerals and tech talent, and providing 1,000 well-paid jobs. The federal and Ontario governments committed $5-billion to the project. Honda cited "evolving business conditions, a change in external resource strategy and shifting customer demand" for the move to shelve the plan first announced in 2024 and delayed last year. The Honda decision is yet another disappointment in the Canadian auto sector, which is centred in Ontario. Ford, Stellantis and GM have recently closed plants there, cut shifts, moved production south and delayed reopening factories.

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