The electric race is on. After Hyundai, Toyota and the Renault-Nissan-Mitsubishi Alliance, it’s Honda’s turn to present its plan to go electric and unveil its first models. The Japanese automaker plans to launch 30 new electric models by 2030.
Honda will invest 35 billion euros to go electric
Honda promises a phenomenal pace to go electric. The manufacturer ensures that 2 million electric vehicles will leave its factories each year. Most major manufacturers have decided invest heavily in electric cars. The Renault-Nissan-Mitsubishi Alliance promises 35 new electric models by 2030, Toyota, a pioneer in hybrid motorization, is also betting on investment of 15.6 billion euros and promises to produce 3.5 million electric vehicles by 2030.
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Over the next ten years, Honda plans to spend 35 billion euros for the electrification of its fleet. The Japanese automaker also plans to spend 55 billion euros on research and development, and an additional 75 million euros each year to invest in startups that could help it grow its business and transition from sale of single products to the offer of combined solutions. This was clarified by Toshihiro Mibe, CEO of Honda, in a recent statement. He clarified that Honda would no longer manufacture thermal cars by 2040.
The manufacturer is betting on China, the United States and Japan
Honda also plans to partner with General Motors to work on the development of electric vehicles in North America, using the American manufacturer’s Ultium platform. Honda also promised that it would build a production line dedicated to electric vehicles in North America and announced that 10 new electric models would be launched in the Chinese market. Honda plans to build two electric vehicle factories in Guagzhou and Wuhan to support production in one of its most important markets.
From sports cars to pickup trucks, Honda wants to meet all of the demand for electric vehicles. In Japan, a market dominated by hybrid vehicles, Honda will start with small electric vehicles aimed at professionals, such as delivery vans. Companies are likely to be more open to this type of investment due to objectives set by the Japanese government regarding sustainable development.
Finally, the Japanese says it is studying the possibility of creating an alliance with a North American company for the production of batteries. The automaker’s goal is to guarantee a stable supply of liquid lithium-ion batteries in the region, as well as in China and Japan, its two other main markets.