Honda president Toshihiro Mibe speaking about the company’s electric vehicle targets during a press conference in Tokyo. Honda announced plans on May 16 to double investment in electric vehicles to 65 billion USD by 2030 as the Japanese auto giant seeks to go fully electric. AFPTokyo, Japan – Honda revealed on Thursday its ambitious plan to double its investment in electric vehicles to $65 billion by 2030, aligning with its goal to transition fully to electric cars.
Honda is alwso collaborating with Sony on EVs and exploring a partnership with rival Nissan as they navigate a transformative period in the automotive industry. Analysts suggest this substantial investment aims to help Honda catch up with Chinese competitors like BYD, which have surged ahead in the global EV market.
Honda aims to reduce overall production costs by about 35 percent and lower battery procurement costs in North America by over 20 percent compared to current levels by 2030. The company projects that electric and fuel-cell vehicles will make up 40 percent of its global sales by the end of the decade.
In 2023, China surpassed Japan as the world’s largest vehicle exporter, buoyed by its dominance in electric cars. Despite this, Honda’s recent earnings report indicates an expected increase in vehicle sales in the United States and Japan for the current financial year, although sales in other parts of Asia are projected to decline.