Honda becomes first Japanese automaker to go all-in on EVs -- Jun 24
Honda Motor has become the first of Japan's automakers to state publicly it will phase out sales of gasoline-powered cars completely, setting 2040 as the goal and giving newly minted Chief Executive Officer Toshihiro Mibe a once-in-a-career chance to put his stamp on a firm that can trace its lineage back 84 years.

The spoils, if Mibe can pull it off, are significant. Prime Minister Yoshihide Suga has pledged to achieve carbon neutrality by 2050, hoping for a first-mover advantage may capture market share. EV penetration in the nation is 1%, well below China, the world's biggest market for electric cars, at around 6%.

But it's a bet that stretches beyond Japan's borders, too. Global sales of passenger EVs are set to rise sharply, jumping to 14 million in 2025 from 3.1 million in 2020, according to BloombergNEF. Honda, which gets about 56% of its revenue from North America and around one-quarter from Asia, has already begun aligning itself with powerful carmakers overseas, last year striking a pact to use General Motors' battery technology.

Honda's electric strategy also include its traditional strength — motorcycles. Honda plans to unveil three new electric two-wheelers by 2024, as well as 10 new EV cars in China within five years (its first mass-produced Honda e, released last year, has a global sales target of 10,000 units annually).