Honda to Spend $65 Billion on EVs, Self-Driving Tech

May 16, 2024 | News On Japan

May 16, 2024 (NHK) - Honda Motor says it will invest 10 trillion yen or roughly 65 billion dollars in electric vehicles and software for self-driving technology through fiscal 2030.

Mibe Toshihiro, President and Representative Executive Officer of Honda Motor, said, "Our main objective is to prepare for the medium and long term by building strong EV brands and business models. And we're doing that with an eye on the period when EVs will become more common in the late 2020s and beyond."

The Japanese automaker has said that by 2040, EVs and fuel cell vehicles will make up 100 percent of its sales. Mibe says that target hasn't changed.

Honda plans to launch a new EV series from 2026 and sell seven models worldwide by 2030.

The company also aims to strengthen its battery development and supply systems. It wants to reduce procurement costs in North America by more than 20 percent.

In Canada, Honda hopes to cut production costs at a dedicated EV plant by about 35 percent. The factory is expected to go online in 2028.

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