Honda Targets Complete Electrification Of Vehicles By 2040: Reuters

  • Japanese automaker Honda Motor Co Ltd HMC CEO Toshihiro Mibe was targeting 100% sales in electric vehicles (EVs) and fuel cell vehicles (FCVs) by 2040 in support of the government’s renewable energy drive, Reuters reports. The 2040 target also included hybrid vehicles.
  • Honda estimated EVs and FCVs to generate 40% and 80% of sales by 2030 and 2035, respectively, in every major market, including North America and China.
  • Japan’s PM Yoshihide Suga recently disclosed its targeted 46% emission reduction by 2030 and initiatives for doubling the target.
  • Mibe considered the target to be viable from the viewpoint of Japan becoming carbon neutral by 2050.
  • Honda introduced its first mass-produced all-battery vehicle in August 2020.
  • Honda aimed to invest around $46.3 billion (5 trillion yen) in research and development initiatives, including electrification, over the next six years, irrespective of revenue hit.
  • In North America, Honda and General Motors Co GM will launch two jointly-developed large-sized EV models utilizing GM’s Ultium batteries in 2024. They will also introduce a series of new EV models featuring e:Architecture EV platform.
  • Mibe aimed EVs and FCVs to generate 20% and 80% of sales by 2030 and 2035, respectively, in Japan.
  • Honda planned to include advanced driver-assistance systems in every model across major markets by 2030.
  • Price action: HMC shares closed higher by 0.63% at $30.24 on Thursday.
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