Japanese automaker Honda revs up on EVs, aiming for lucrative US, China markets

reaffirmed its commitment to electric vehicles Thursday, saying it will invest 10 trillion yen through fiscal 2031 to deliver EV models around the world, including the U.S. and China.

By 2030, battery EVs and fuel cell EVs will make up 40% of Honda Motor Co.’s global auto sales, and it will have global production capacity for more than 2 million EVs, it said. “We will become a frontrunner in changing lifestyles to attain sustainability goals, not wait for someone else to tackle them,” Mibe told reporters.

Honda’s determination to pursue battery and fuel-cell EVs appears to contrast with domestic rival Toyota Motor Corp.’s more varied or “multiple” powertrains approach, focusing on hybrids and other models that still have engines.

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