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Toronto, Canada: Japanese auto giant Honda said Thursday its plans to build a multi-billion-dollar electric vehicle plant in Canada have been "indefinitely suspended."
Honda said in a statement its decision was driven by "evolving business conditions, a change in external resource strategy and shifting customer demand."
The company had planned to expand its operations in Alliston, Ontario, about 90 kilometers north of Toronto, where it has been producing conventional vehicles for decades.
When the plan was announced two years ago, Canadian officials valued the project at roughly C$15 billion ($11 billion).
Canada had hoped to become a global EV production powerhouse, inking massive government-backed deals with leading automakers like Honda and Germany's Volkswagen -- but those ambitions are fraying.
