Honda Spends $64 Billion on EV, Plans to Roll Out 30 Models by 2030

Honda is all set to spend 8 trillion yen ($64 billion) on research and development as it targets to roll out more than 30 models worldwide by 2030.
Honda Spends $64 Billion on EV, Plans to Roll Out 30 Models by 2030
Honda Spends $64 Billion on EV

Honda is all set to spend 8 trillion yen ($64 billion) on research and development as it targets to roll out more than 30 models worldwide by 2030. The company claims to give tough competition to Tesla, which is known as an electric vehicle giant for years. Honda aims to work on research and development over the next 10 years.

The targets, announced at a company presentation on Tuesday, represent a push by the automaker to increase its presence in the fast-growing market for electric vehicles, where Japanese automakers have risked falling behind new competitors such as Tesla Inc, as well as traditional European and US rivals

Honda to Build 2 Million Electrified vehicles by 2030

Honda to Build 2 Million Electrified vehicles

Honda has stated that it intends to build 2 million electrified vehicles per year by 2030. Honda stated that the majority of the investment will go into electrification and software technology.

It stated that it will invest around 43 billion yen on a demonstration line for the manufacturing of solid-state batteries, with the goal of beginning production in spring 2024.

Honda Spends $64 Billion on EV, Plans to Roll Out 30 Models by 2030
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Honda Would Rely on External Financial Sources

Honda Evs

Honda would rely on external financial sources when needed, according to Kohei Takeuchi, SVP of Honda, at the briefing. Honda said last month that it will issue $2.75 billion in USD-denominated Green Bonds to fund the development and manufacture of zero-emission vehicles. Honda said in June 2021 that it will phase out gasoline-powered vehicles entirely by 2040.

Honda covered a lot of territory on Monday, including ambitions to build batteries and commercialize its tiny EV, so let's take a look at the automaker's new electrification strategy.

Honda EVs Go On Sale at a Very Low Price

Honda EVs Go On Sale

Honda intends to launch a ridiculously low-cost mini-EV vehicle for commercial usage in Japan by 2024, with a price tag of $8,000 (1 million yen). Following that, Honda will begin to roll out personal use mini-EVs and EV SUVs, according to the firm. According to Mibe, Honda is first selling this car for business usage because Japan lacks the charging infrastructure required to carry out large-scale EV adoption.

Honda also hopes to offer two mid-to-large size EV cars in North America by the same year a Honda Prologue SUV and an Acura SUV that are now being developed with General Motors at cost-competitive costs with ICE vehicles.

Honda has announced a collaboration with GM to co-develop electric vehicles in North America by 2027 utilizing GM's Ultrium platform, which would cost roughly $30,000.

Honda also hopes to offer two mid-to-large size EV cars in North America by the same year a Honda Prologue SUV and an Acura SUV that are now being developed with General Motors at cost-competitive costs with ICE vehicles.

Honda has announced a collaboration with GM to co-develop electric vehicles in North America by 2027 utilizing GM's Ultrium platform, which would cost roughly $30,000.

Honda Spends $64 Billion on EV, Plans to Roll Out 30 Models by 2030
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