Legacy automakers have scaled back EV production goals as electric vehicle sales growth slows: according to Kelley Blue Book, EV share of total new-vehicle sales in Q1 was 7.3%, a decrease from Q4 2023.
As the auto industry attempts to time its years-long, sprawling shift away from combustible engines to electric vehicles, some legacy car makers are playing up hybrids as a waystation along what is now more likely to be framed as. But at least one automaker says it is ramping up its North American EV strategy in 2024: Honda Motor Company.Ford said it would delay about $12 billion in EV investments.Even as Honda commits more to EVs, its investment approach implies a hedging of bets.
"They are catching up and getting into the game for sure," said Cliff Banks, founder of the Banks Report, which analyzes automotive trends."Auto manufacturers have seen that the costs are really expensive in trying to bring viable EVs to the market," Banks said. "Basically, what they are doing is rebuilding the airplane while still flying it. Honda will feel that same cost pressure moving forward; I'd not be surprised to see them back off.
"This is not unusual in the automotive space; it is a way for them to jump in," Newman says, likening it to Toyota's collaboration with Subaru. Honda's investment in Ohio will allow for ramping up of Prologue production.The All-Electric Acura ZDX is displayed during the 2023 Los Angeles Auto Show at the Los Angeles Convention Center on November 24, 2023 in Los Angeles, California.
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