Honda plans to invest $40 billion on EVs and launch 30 models by 2030
that it's spending 5 trillion yen or around $40 billion on its electrification efforts over the next 10 years. , the company also said that it plans to launch 30 EV models by 2030 with a production volume of 2 million vehicles a year. The aim is for electric vehicles to make up 40 percent of its fleet by the end of the decade,reports, Honda plans to get the ball rolling in Japan by introducing an ultra-cheap mini EV model that costs around $8,000 by 2024.
Honda has plans that don't involve GM, however, and is using part of its $40 billion budget to develop its own electrification platform. It's also exploring the possibility of teaming up with other companies for battery production. In addition, it's investing 43 billion yen into building a demonstration line for solid-state batteries by 2024.
Honda CEO Toshihiro Mibe has also reiterated that a big part of its electrification efforts is making sure it has a solid presence in China, which is currently the world's biggest EV market. Like the company announced in the past, Mibe said Honda will launch 10 new models in China under its e:N Series branding by 2027. The company will also build plants in Guagzhou and Wuhan to manufacture its electric vehicles for the country.
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