Honda Plans $470 Million Gearbox Plant in Mexico

Honda Motor Corp. says it will open a new plant in Guanajuato, Mexico, in the second half of 2015 with initial annual capacity to make 350,000 continuously variable transmissions.

The $470 million facility, Honda's third in North America, will eventually employ 1,500 people and produce 700,000 CVTs per year.

Honda says the factory will supply company operations in Mexico, including a new auto assembly plant that will open next spring to make many as 200,000 Honda Fit small cars annually.