Honda, a force to be reckoned with in the automotive industry, is revving up its game with a $65 billion investment plan to introduce seven new electric vehicle (EV) models. The company is determined not to be left in the dust by competitors like Tesla and BYD.
What?
Honda’s CEO, Toshihiro Mibe, unveiled the automaker’s ambitious strategy to invest $65 billion in EV development by 2030. This plan includes launching seven new electric models, slashing costs, and establishing a comprehensive supply chain for EV production. The goal is to achieve a 5% return on sales for its EV business by 2030.
Why does it matter?
Honda believes in the power of EVs and is confident in its ability to compete in the growing electric vehicle market. The company aims to capitalize on the increasing popularity of EVs, especially in the second half of the 2020s. By introducing a range of new EV models and investing in battery technology, Honda is positioning itself for future success.
How is it going to shape the future?
Honda’s aggressive investment in EVs signals a shift in focus for the company towards sustainable transportation. By introducing new models like the Saloon and Space-Hub concepts, Honda is targeting various segments of the market, from small electric vehicles to larger models. The company’s plans to expand its battery production capabilities and reduce costs demonstrate a commitment to long-term growth in the EV sector.
As Honda joins the ranks of automakers ramping up their EV investments, including Toyota, the industry is witnessing a turning point. While Japanese automakers like Honda and Toyota have been slower to adopt EV technology compared to their global counterparts, the tide may be changing with these new commitments.
The future of transportation is electric, and Honda is gearing up to be a major player in this shift. With a focus on innovation, sustainability, and competitiveness, Honda’s $65 billion EV investment frenzy is not just a financial decision but a strategic move to stay ahead in the rapidly evolving automotive landscape.
Source: https://electrek.co/2024/05/16/honda-plots-huge-65-billion-investment-build-seven-new-evs/