Honda to invest $65 billion in EVs over 7 years – Charged EVs

baua

Honda to invest  billion in EVs over 7 years – Charged EVs


Honda, like its larger compatriot Toyota, is a former environmental leader turned laggard. However, in both cases, we’ve been seeing indications that a new, slightly more EV-friendly strategy may be in the offing.

Honda recently announced new investment of 10 trillion yen ($65 billion) in electrification, saying that it expects demand for battery EVs to increase. The spending, which will run through fiscal 2031, will focus on software, R&D, and establishing supply chains in key markets like the US, Canada and Japan. The carmaker reiterated its goal of making battery and fuel cell EVs 100% of global sales by 2040.

Honda plans to roll out seven new EV models globally by 2030, CEO Toshihiro Mibe said at a recent press briefing. The automaker will start selling two new EV models in China later this year, and will introduce an EV with a swappable battery in Japan in 2026.

While the company will continue to bet on hybrids—it plans to sell 1 million this year and is “laying the groundwork” to build capacity to 2 million units annually—CEO Mibe expressed support for full electrification over the longer term, saying, “EVs are the best course for cars.”

Supply chain security is a core concern—Honda plans to invest $15 billion Canadian ($11 billion US) to build a plant in Canada, where it plans to start producing EVs in 2028. The automaker hopes to reduce EV manufacturing costs by about a third and bring down battery procurement costs by 20% in North America, Mibe said.

The company said it’s confident in its ability to secure enough batteries to produce about 2 million EVs per year. Honda also needs to build an EV factory in Japan, Mibe said, without providing any details.

Source: Bloomberg



US nonprofit set to buy 500 electric semi trucks by 2028 in 0M deal

Maryland-based nonprofit Climate United announced its intention to spend $250 million to buy up to…

Most powerful Abarth ever gets 40 more hp, quicker 0-60 time, and more fun

When it first debuted earlier this year, the 240 hp 600e was the most powerful…

DFDS puts 10 Volvo electric semi trucks to work in UK, ‘only’ 115 more to go

European logistics firm DFDS placed a massive, 100 unit order for Volvo’s long-range electric semi…