Honda Motor Company has committed to launching 30 new electric vehicle (EV) models by 2030 with a target production volume of over two million vehicles per year. Honda has invested heavily in hybrid technology in recent years, with hybrid versions of the Accord and CR-V currently available in several markets. This new investment would likely position Honda more aggressively in the race for electrification.
In a live briefing held by the company on Tuesday, the Japanese car manufacturer vowed to spend ¥5 trillion JPY or about P2-trillion on developing electrified vehicles over the next decade. The funding will cover a new proprietary electrification architecture in addition to moonshot ambitions in space exploration, avatar robotics, electric vertical take-off and landing (eVTOL) aircraft technology, and more.
More lucrative still is Honda’s initiative to invest over ¥8 trillion JPY or about P3.3 trillion in research and development (R&D) and ¥10-billion JPY or over P4 billion in startup companies. The young companies will reportedly allow Honda to transition from its consumer retail business to providing combined technological solutions for both consumer and enterprise-facing business models. Honda also says it is actively pursuing partnerships with other automakers and even non-industry players for new collaborations.
The company recently announced a new partnership with Sony to put two of the latter’s concept vehicles into production. Honda has also stated its intention to phase out internal combustion engines by 2040.
As for the 30 new EVs launching within the next several years, we know of only a handful of them, including two new all-electric sports cars, two SUVs, and a mini car. One of the sports cars could even be an electrified version of the iconic NSX, but that remains to be seen. Honda’s substantial investment in electrification could catapult it among the world’s leaders in EV technology. Its competitors in Japan and around the world are likely feeling on the defensive, so expect a few of them to come out with something significant within the next few months.
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