Honda has announced that it will allocate $64 billion over the next decade to research and development of electric vehicles. The Japanese car manufacturer targets to launch 30 electric vehicle models globally by 2030.
The targets include producing about 2 million electric vehicles per year by 2030. Tesla is currently leading the global electric vehicle industry and while traditional manufacturers from Europe and the United States are also preparing for their electrification steps.
Honda and other Japanese automakers have long said that despite massive electrification, they still believe in hybrid technology that came first.
Hybrids are becoming very important especially in the automotive market in developing countries that do not yet have adequate infrastructure for electric vehicles.
“This is not the end of hybrids and the replacement of all hybrids with EVs,” Honda Chief Executive Toshihiro Mibe said in his presentation.
“We will develop our current hybrid and use it as a weapon in our business.”
Most of Honda's $64 billion investment will be used to develop electrification and software technology. Additionally 43 billion yen will be used for a demonstration line for solid-state battery production, with the aim of starting it in the spring of 2024.
Previously, Nissan announced that it will bring its first EV with all-solid-state batteries to market in 2028.