Honda, Toyota in Canada’s Sights With New EV Tax Incentive

Prime Minister Justin Trudeau is offering more tax breaks to automotive firms to put their electric vehicle factories in Canada, as companies including Honda Motor Co. and Toyota Motor Corp. consider lucrative new investments.

Canada’s federal budget, released on Tuesday, unveiled a new 10% tax credit on the capital cost of buildings used for EV manufacturing — but only if companies make a significant bet on locating other portions of their supply chains within the country.