Honda commits to its 2040 phaseout of gasoline engines, doubling its investment. Japanese automaker will vertically integrate EV production, moving aspects such as battery manufacture in-house. Seven new EVs to launch in North America before 2030. Honda announced its 0 Series of electric cars back in January, using this year's CES in Las Vegas to tease two new models. Now, CEO Toshihiro Mibe says the automaker will double investment in electrification despite signs that EV sales in the U.S.
We have the capability to secure enough cash, and that is why we announced this 10-trillion yen number today. And it's by no means a small figure for Honda, either. In addition to being revised upwards by double the initial plan, the new EV investment of 10 trillion yen is massive if you consider the company's most recent annual income to be just 1.12 trillion yen . The move appears to be in direct response to Chinese EV makers, who have long had the upper hand in controlling costs.