Honda doubling investment in EVs to $65 bn

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Honda announced plans Thursday to double investment in electric vehicles to $65 billion by 2030 as the Japanese auto giant seeks to go fully electric.

FILE PHOTO: Honda’s logo on its Modulo model is pictured at its showroom at its headquarters in Tokyo, Japan, February 19, 2019. REUTERS/Kim Kyung-hoon

The company also has a partnership in EVs with Sony, and is exploring collaboration with rival Nissan as they face a “once-in-a-century” upheaval in the car industry. And “as of 2030, Honda will reduce the cost of the battery to be procured in North America by more than 20 percent compared to the cost of current batteries”.

At the same time, however, there has been a slowdown in the EV market on the back of consumer concern about high prices, reliability, range and a lack of charging points. Toyota is also hoping to mass-produce solid-state batteries, a potentially hugely important technological breakthrough that could mean faster charging times and greater range.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

The Federal Government may deny petroleum marketers licenses if they fail to include fuel pumps that would supply compressed natural gas .

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