Prime Minister Justin Trudeau and Ontario Premier Doug Ford announced on Thursday that Japanese automaker Honda will invest $15 billion in electric vehicles in Ontario, which will see the construction of four new plants in the province.

According to a government statement released to the media prior to the announcement, the deal will lead to "the first comprehensive electric vehicle supply chain in Canada."

The deal includes the construction of Honda's first electric vehicle assembly plant, as well as a new standalone electric vehicle battery factory at Honda's facility in Alliston, Ontario.

The statement said: "Honda will also build a facility to process active materials and cathode precursors (CAM/pCAM) through a joint venture partnership with POSCO Future M Co., Ltd. and a separation plant through a joint venture partnership with Asahi Kasei Corporation." 

Once the assembly plant is fully operational in 2028, it will produce up to 240,000 vehicles annually and "will create more than a thousand good-paying manufacturing jobs" in the province.