Honda’s assembly plants in Canada will be part of a dramatic international slowdown by the Japanese automaker, which is suffering from a parts shortage due to flooding in Thailand.
Manufacturing in China for North American markets is not as cost-effective as it once was, and it appears some of the lost US production may be coming back.
It’s going to take until 2015, at the earliest for many Canadian industries to hit pre-recession levels of production, says a Conference Board of Canada report.
Japanese automakers will be evaluating their global supply chains following the March 11 earthquake, tsunami and nuclear plant disasters, which will impact Canadian auto parts suppliers.
Car parts maker Magna International Inc. will build a new factory in Mexico to produce stamped and welded assemblies for several automakers.
It’s been two years since the financial sector’s recklessness and greed plunged the world economy into recession and cost millions of people their jobs. Now we face stark choices about the kind of future we want.