Honda Motor to spend $64bn on EV push

Tokyo, April 12

Japan’s Honda Motor Co plans to spend $64 billion on research and development over the next decade, the company said on Tuesday, laying out an ambitious target to roll out 30 electric vehicle models globally by 2030.

Its goals include producing some 2 million electric vehicles a year by 2030, aiming to gain share in the fast-growing market for electric vehicles, led by Tesla Inc, while Japanese automakers risk falling behind European and US rivals.

“As far as resource investments over the next 10 years go, we’re going to invest about 8 trillion yen in research and development expenses,” said Honda chief executive Toshihiro Mibe, referring to the equivalent of $64 billion.

Honda said it wanted to establish a dedicated electric vehicle production line in North America, where it will also procure Ultium batteries from General Motors Co.

It is also considering a separate joint venture company for battery production there, aside from its GM partnership. — Reuters