11:05 AM EDT, 04/25/2024 (MT Newswires) -- (Updates with additional details in the second, third and fourth paragraphs, and the company's latest stock in the fifth paragraph.)

Honda Motor ( HMC ) announced Thursday it plans to build an electric vehicle value chain in Canada with an approximate investment of 15 billion Canadian dollars ($10.94 billion).

The automaker said plans to build an EV plant with an annual production capacity of 240,000 units and an EV battery plant with an annual capacity of 36 gigawatt-hours in Ontario. Honda ( HMC ) expects EV production to begin in 2028.

Honda ( HMC ) said it will also establish a cathode active material and precursor processing plant and a separator plant through joint venture partnerships.

The company said it expects to hire at least 1,000 new workers for the EV and battery manufacturing facilities.

Shares of Honda ( HMC ) fell 2.4% in recent trading.

Price: 33.58, Change: -0.83, Percent Change: -2.43