Honda recently reiterated its dedication to electric vehicles (EVs), outlining an ambitious plan to invest $65 billion by fiscal 2031 to propel EV models worldwide, notably in the U.S. and China. The company emphasized its steadfast belief in the efficacy of EVs, particularly for small mobility products like motorcycles and automobiles. By 2030, Honda aims for battery EVs and fuel cell EVs to constitute 40% of its global auto sales, with a production capacity exceeding 2 million EVs globally.
The cornerstone of Honda’s EV strategy is the introduction of the “0 Series,” a brand-new EV series conceptualized from scratch. CEO Toshihiro Mibe underscored that this series will debut in North America by 2026 before a global rollout, with plans for seven models by 2030. In China, Honda plans to launch 10 EV models by 2027, with the aspiration for all auto sales in the country to be EVs by 2035.
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Mibe emphasized Honda’s proactive stance in driving lifestyle changes to achieve sustainability goals, rather than waiting for others to take the lead. This commitment stands out amidst discussions of a potential slowdown in EV adoption in certain markets, with Honda foreseeing EVs becoming dominant by the latter half of the 2020s.
While Honda focuses on battery and fuel-cell EVs, its approach diverges from that of domestic competitor Toyota, which prioritizes a range of powertrains including hybrids. Despite the EV push, Honda will retain hybrids in its lineup, alongside efforts to enhance battery production and safety features to strive for accident-free driving.
Of the substantial investment planned, a significant portion will be allocated to research and development, including software, and establishing comprehensive EV value chains in key markets. Additionally, funds will support manufacturing initiatives such as constructing next-gen EV production plants and advancing electrification for motorcycles.
Honda emphasized collaborations with industry peers, highlighting partnerships with Nissan for EV and intelligent driving technology development, as well as a recent agreement with IBM to co-create computer chips and software for future vehicles, aligning with the growing demand for enhanced processing and energy efficiency.
Honda’s resolute commitment to EVs demonstrates its proactive stance in shaping the future of mobility, backed by substantial investments and strategic partnerships to drive innovation and sustainability in the automotive industry.
