Honda has assured Canada that no jobs will be lost and it is committed to major electric vehicle investments in the country, Industry Minister Melanie Joly said on Wednesday, in the wake of the Japanese carmaker announcing it would put on hold a plan to build an EV supply chain in Canada.

Forecasting a steep 59 per cent profit drop for the year, Honda is postponing its $15 billion plan to build an EV supply line in Canada for at least two years due to concerns about U.S. auto tariffs.