As many automakers shy away from electric vehicle production in favor of hybrids, Honda has announced plans to invest $65 billion into EV production through fiscal year 2031, reports Associated Press.
During an online presentation, Honda Chief Executive Toshihiro Mibe told reporters about a new EV series planned, called 0 Series, which will be released in North America come 2026 before offering it globally. By 2030, Honda plans to have seven of these EV models on the market and for 40% of its global auto sales to be comprised of battery and fuel cell EVs.
Of the $65 billion being invested, $13 billion will go toward research and development on software, with another $13 billion funding EV value chains throughout the U.S., Canada, and Japan. $39 billion will be used for other projects related to EVs, such as building next-generation EV production plants, electric motorcycles, and developing EV models.
“We will become a frontrunner in changing lifestyles to attain sustainability goals, not wait for someone else to tackle them,” said Mibe.
