- Honda Motor Co Ltd (NYSE:HMC) looks to spend ¥8 trillion ($64 billion) on research and development over the next decade, laying out an ambitious target to roll out 30 electric vehicle models globally by 2030.
- Honda's goals include producing 2 million EVs a year by 2030 to gain a share in the fast-growing market led by Tesla Inc (NASDAQ:TSLA).
- Honda looks to establish a dedicated EV production line in North America, where it will also procure Ultium batteries from General Motors Co (NYSE:GM).
- Also Read: GM Teams Up With Honda To Bring Out Sub-$30,000 EVs By 2027: What Investors Should Know
- Honda also weighed a separate joint venture company for battery production there, aside from its GM partnership.
- Honda committed the bulk of the ¥8-trillion investment for electrification and software technologies, including 43 billion yen to produce solid-state batteries, in spring 2024.
- Toyota Motor Corp (NYSE:TM) has already targeted sales of 3.5 million such vehicles by 2030.
- Nissan Motor Co Ltd (OTC: NSANY) aims for half its cars to be electric by the end of the decade.
- Price Action: HMC shares closed lower by 0.04% at $26.05 on Monday.
- Photo by iniesta44 via Pixabay
