Honda to Invest Billions Into Electric Vehicle Production and Development

May 17, 2024
By 2030, Honda plans for 40% of its global auto sales to be comprised of battery and fuel cell EVs.

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.

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Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

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