Honda announced on Thursday that it will double its investment in electric vehicles to around €59.46 billion by 2030.
The decision was announced by the CEO of the Japanese automaker, Toshihiro Mibe, during the presentation of the company’s electrification plans, at a time when Honda’s strategy is to expand its electric and fuel cell models to all sales by 2040, in order to compete with rivals such as Tesla and BYD.
During the presentation, Mibe mentioned that the electric vehicle industry is still in its early stages, but in the long term, “the shift to electric vehicles will continue to advance steadily,” according to the statement released by the automaker.
The announced investment amount is double the amount Honda had planned in its previous strategy, around €35.67 billion, and will be used to build a state-of-the-art factory and produce new car models.
Another €11.89 billion will be allocated to research and development of software, with the rest going towards the production of batteries for the new electric models.
The Japanese constructor aims to reduce the cost of acquiring batteries from the US by 20% by 2030, as well as decrease electricity production costs by 35%.
It is worth remembering that Honda announced earlier this year at CES in Las Vegas, that it plans to launch seven new electric models from its Honda 0 series worldwide, which will start hitting the market in 2026.
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