Honda Motor announced this Tuesday that it will reduce its investments in electric vehicles due to the global slowdown in demand, and that it will strengthen its commitment to hybrid models.
In a press conference, Honda’s CEO, Toshihiro Mibe, stated that the Japanese brand will reduce its planned investment of €59.46 billion in electrification and software by the fiscal year 2030.
“Based on the current market slowdown, we expect that electric vehicle sales in 2030 will be below the 30% target we previously set,” Mibe said, adding that 100% electric vehicles may represent only about 20% of the company’s sales by then.
Honda expects to sell between 2.2 million and 2.3 million hybrid vehicles by 2030. The Japanese brand also announced plans to launch 13 next-generation hybrid models starting in 2027, and to develop a hybrid system for large models that should arrive in the second half of the decade.
