Tuesday Ticker: Honda eyes huge investment in Canada; Rivian marks production records

Toronto, Ontario ⁠— In this weekly Tuesday Ticker, Honda considers what could reportedly be its largest-ever investment, while Rivian grapples with a double-edged sword. 

Eyes on EVs

According to weekend reports from Japanese news outlets, Honda is considering an $18 billion investment to build a Canadian electric vehicle plant.

Reports came out on Sunday after Nikkei Asia said Honda is considering a Canadian vehicle plant with possible “in-house production of batteries”. Several sites are being considered, apparently, including locations near the automakers’ Alliston, Ont. plant. 

Honda already has planned to mass produce batteries in Ohio, U.S., via a partnership with LG Energy Solution. According to the report from Nikkei Asia, Honda would operate alone if it created a plant in Canada.


Honda aims for 40 percent of its North American vehicle sales to be electric by 2030; by 2035, the automaker wants 80 percent of North American vehicle sales to be zero-emissions.

A spokesperson for Honda did confirm the automaker is seeking initiatives to increase EV production, but did not comment on the reports of a Canadian facility.

Ramped up production; dwindled deliveries

Rivian was able to produce 75 percent more EVs in Q4 2023 than it did in Q4 2022, according to the OEM’s Q4 and year-end 2023 financial results. 

Rivian produced 17,541 vehicles in Q4 2023, breaking its production records for the third straight quarter. 

Vehicle deliveries for Q4, while up 73 percent year-over-year, were still lower than Q3 2023 numbers.

In 2023, Rivian produced more than 57,000 units and delivered more than 50,000 vehicles. 

As of Monday at 10:30 a.m. ET, shares of Rivian traded at US$19.20 per share, up 15.52 percent year-over-year.

The post Tuesday Ticker: Honda eyes huge investment in Canada; Rivian marks production records appeared first on Collision Repair Magazine.


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