This study evaluated the economic prospects of biocarbon and biocomposite in the automotive industry and bioeconomy. The production cost of biocarbon produced from Miscanthus (a perennial grass), biocarbon-reinforced polypropylene (PP) composite (hereafter referred to as biocomposite), and automotive components are determined. The production cost of biocomposite was compared with inorganic filler-reinforced polymer composite (a conventional composite, i.e., talc reinforced PP composite). The production cost of biocarbon and biocomposite is estimated to be $513.1/ton and between $3536.7–$3647.3/ton, respectively (all dollar figures are in Canadian dollars). On the other hand, the cost of the conventional composite is likely to be $3544.8/ton. However, the production cost of an automotive component can be reduced by 9–11% compared with the conventional component if the components are produced from biocomposite. Further, this study determined the net present values (NPV) of a biocarbon plant and a composite manufacturing plant. The NPV of a biocarbon plant ($42.9 million) and a composite manufacturing plant ($34.0–$34.8 million for biocomposite and $34.7 million for conventional composite) showed that both the biocarbon and composite manufacturing phases are economically attractive. We concluded that by taking an industrial symbiosis approach, the biocomposite industry can be financially more attractive and contribute more to the bioeconomy.