OTTAWA, May 13 (Xinhua) -- Japan's Honda Motor Co. said it would postpone a plan to build an electric vehicle (EV) supply chain in Canada, local media reported on Tuesday.

"Due to the recent slowdown of the EV market, Honda Motor has announced an approximate two-year postponement of the comprehensive value chain investment project in Canada," Honda Canada told CBC News. "The company will continue to evaluate the timing and project progression as market conditions change."

Honda also stated that this decision will not affect current employment or production levels at the manufacturing plant in Alliston.

The project was first announced in April 2024 to build an EV supply chain in Alliston, Ontario.

It includes a retooled assembly plant, an EV battery plant, and two key battery parts facilities. Under the original plan, the plant was set to produce up to 240,000 vehicles per year when fully operational in 2028. ■