Industry News

Honda Plans USD370 Million Investment in its Canada Car Manufacturing Plant

Canada: Honda is set to invest around USD372 Million in its Alliston factory, located in Canada, backed by the financial support from the province of Ontario and federal government. Both the financial supporters are expected to contribute around USD31.75 million over the course of three years.

Post investment, the company would be equipped to assemble the latest models of CR-V and Civic at its plant.

Furthermore, Honda would also construct a new paint shop which would assist the company to cut its greenhouse gas emissions up to 44%, as per the CEO of Honda, Canada. Moreover, the improvements at the plant would help the company to save around 4,000 jobs at its facility.

TechSci Research depicts that with the company’s investment to expand its production line, the demand of OEM in the country is anticipated to grow over the coming years. The investment will also help the company to offer better services to its customers in the country. Moreover, the overall tire market of the country is also anticipated to grow owing to the increasing demand of the OEM tires.

According to a recent report published by TechSci Research, Canada Tyre Market Forecast & Opportunities, 2020”, Canada tire market is forecast to increase at a CAGR of around 6% till 2020. Large vehicle fleet and growing hybrid vehicle sales would be the major factors driving Canada tire market over the forecast period. Passenger car tire market is the dominant segment followed by commercial vehicle tire segment and two-wheelers tire segment. Further, the replacement tire segment leads OEM tire segment by huge margins and it is anticipated that this trend will continue through the forecast period. Michelin, Goodyear and Bridgestone have domestic production facilities in the country, while all other players cater to the growing demand for tires through their sales and marketing offices in Canada.

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