Honda to invest $40 billion in electric vehicles and launch 30 new models by 2030

Last year, Honda announced plans to sell exclusively fuel cell and electric vehicles by 2040. To make the phase-out of gasoline and diesel vehicles possible, the automaker must produce a large number of zero-emission vehicles so that customers have a choice.

Recently Honda reported, which will spend 5 trillion yen, or about $40 billion, to electrify its cars over the next 10 years. The company also plans to globally release 30 models of electric vehicles by 2030 with a production capacity of 2 million units per year. The goal is to have EVs account for 40% of the vehicle fleet by the end of this decade.

Honda plans to introduce a super-cheap model of a mini-electric car in Japan by 2024, which will cost about 8 thousand dollars. In the same year, the company will release Prologue and Acura electric vehicles in North America, which are being developed in conjunction with GM.

In early April, Honda and GM announced they were jointly developing a series of affordable electric vehicles based on the common GM Ultium battery architecture and technology.

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But Honda is also using part of the $40 billion budget to develop its own electrification platform. It is also exploring the possibility of teaming up with other companies to produce batteries. In addition, the company will invest 43 billion yen ($343 million) to build a demonstration line for solid-state batteries by 2024.

In addition, Honda will release 10 new models in China under its e:N Series brand by 2027. The company will also build factories in Guangzhou and Wuhan to produce its electric vehicles for the domestic Chinese market.

In fiscal year 2028, Nissan will launch the first all-solid-state electric vehicle. Batteries are being developed in collaboration with NASA

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