Japanese automaker Honda revs up on EVs, aiming for lucrative US, China markets

Published May 16, 2024 2:42 AM

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese automaker Honda is reaffirming its commitment to electric vehicles, investing 10 trillion yen, or $65 billion, through fiscal 2031. The company says that by 2030, battery EVs and fuel cell EVs will make up 40% of Honda’s global auto sales. Global production capacity will be more than 2 million EVs. Honda Chief Executive Toshihiro Mibe said Thursday that the company will introduce a totally new EV series, first introduced in North America and then globally, with with seven models launched by 2030. In China, Honda will introduce 10 EV models by 2027. Honda’s auto sales will only be EVs by 2035.

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