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

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Electric Vehicles News

Honda Motor Co.,Ltd.,Transportation Technology

Japanese automaker Honda is reaffirming its commitment to electric vehicles, investing 10 trillion yen, or $65 billion, through fiscal 2031. The company says that by 2030, battery EVs and fuel cell EVs will make up 40% of Honda’s global auto sales. Global production capacity will be more than 2 million EVs.

Logos of Honda Motor Co. are pictured in Tsukuba, northeast of Tokyo, on Feb. 13, 2019. Japanese automaker Honda reaffirmed its commitment to electric vehicles Thursday, May 16, 2024, saying it will invest 10 trillion yen through fiscal 2031 to deliver EV models around the world, including the U.S. and China. 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.

The so-called “0 Series,” a key part of Honda’s EV strategy, will be a totally new EV series created from “zero,” Chief Executive Toshihiro Mibe told reporters in an online presentation. 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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