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Japanese automaker Honda expands into electric vehicles, targets lucrative US and China markets

TOKYO (AP) — Japanese car manufacturer Honda reaffirmed its commitment to electric vehicles on Thursday, saying it will invest 10 trillion yen ($65 billion) through fiscal 2031 to provide electric vehicle models around the world, including states -United and China.

“Honda has not changed its belief that electric vehicles are the most effective solution in the field of small mobility products such as motorcycles and automobiles,” the Tokyo-based company said in a statement.

By 2030, battery and fuel cell electric vehicles will account for 40 percent of Honda Motor Co.’s global automobile sales, and the company will have a global production capacity of more than 2 million electric vehicles, it said. he indicates.

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

The 0 Series will be introduced in North America in 2026, then rolled out globally, with seven models launched by 2030. In China, Honda will introduce 10 electric vehicle models by 2027, and 100% of its sales automobiles will be electric vehicles by 2035.

“We will become a pioneer in changing lifestyles to achieve the Sustainable Development Goals, without waiting for someone else to tackle it,” Mibe told reporters.

Despite some talk of a slowdown in electric vehicles in some markets, the trend toward electric vehicles remains strong in the long term, becoming dominant in the second half of the 2020s, according to Honda, which makes the Acura and Civic sedans and the Gold Wing Tour motorcycles.

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

Honda is keeping hybrids in its lineup while increasing production of electric vehicles, boosting battery production and making them thinner, with the goal of zero accidents, Mibe said.

Of the 10 trillion yen ($65 billion) investment in the works, about 2 trillion yen ($13 billion) will be spent on software research and development and 2 trillion yen ($13 billion) billion dollars) to establish complete value chains for electric vehicles in key markets such as the United States, Canada and Japan.

About 6 trillion yen ($39 billion) will be spent on “monozukuri,” or “the art of making things” in Japanese, such as building factories to produce next-generation electric vehicles, electrification motorcycles and the development of electric vehicle models, the company said.

Mibe highlighted Honda’s various partnerships, such as the one on the development of electric vehicles and intelligent driving technologies with Japanese rival Nissan Motor Co., announced earlier this year.

Honda said Wednesday it has signed an agreement with IBM to work together on computer chips and software for future vehicles, meeting future demand for better processing and lower power consumption.

“We are moving steadily and safely to prepare for electrification,” Mibe said.


Yuri Kageyama is on X: https://twitter.com/yurikageyama

News Source : apnews.com
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