Honda to spend US$40bil on EV push, plans 30 models

Honda president Toshihiro Mibesays says the automotive manufacturer has clear plans in place for electrification, budgeting RM170bil for EV development over the next decade. — Bloomberg

Honda Motor Co. plans to spend 5tril yen (RM170bil) on its push into electric vehicles over the next decade, as the Japanese automaker with the most aggressive EV ambitions moves to back its bold advance into next-generation cars with concrete plans.

Some 30 EV models will be launched by 2030 with production volume of more than 2 million vehicles a year, Japan’s second-biggest automaker said in a statement Tuesday. EVs will make up around 40% of the company’s fleet by the end of the decade, Honda said.