Japan’s Honda Motor Co. will invest 8 trillion yen in the electric vehicle sector over the next 10 years, the Nikkei Shimbun and others reported on the 12th.
According to the media, Honda Motor Co. announced on the same day that it plans to invest 5 trillion yen in electric cars and software and use 8 trillion yen for total research and development over the next 10 years, including fuel cells.
Honda plans to expand its supply by shipping 30 electric vehicles within 2030 through such huge investments.
By 2040, Honda plans to completely withdraw its gasoline-powered vehicles by converting all sales of its new cars into electric vehicles or fuel-cell vehicles.
Honda CEO and CEO Toshihiro Mibe said, “We will develop valuable products globally.”
Mibe, who took office in April last year, declared “de-gasoline” in 2040 at the time, and this time proposed a concrete plan aimed at achieving the goal.
Honda spent 7 trillion yen on research and development for 10 years from March 2012 to March 2021, which is an increase of 1 trillion yen over the next 10 years.
Among the investments in 8 trillion yen, electric vehicle and software development costs and investments account for 60 percent.
Honda aims to produce more than 2 million electric vehicles annually by launching 30 electric vehicle models in the global market by 2030.
In Japan, Honda will release commercial light electric vehicles in the first half of 2024 for around 1 million yen and also launch a multi-purpose sports car (SUV).
China, which accounts for nearly 40 percent of Honda’s global sales, will introduce 10 models by 2027.
North American markets will hire batteries from General Motors (GM) in 2024 and ship two types of electric vehicles jointly developed by GM. After 2027, it will sell several types of mass-produced electric vehicles developed with GM.
