Honda Motor Earmarks $64B Over 10 Years On EV Push, Firing Up Rivalry With Tesla

Honda Motor Co Ltd (NYSE:HMC) looks to spend ¥8 trillion ($64 billion) on research and development over the next decade, laying out an ambitious target to roll out 30 electric vehicle models globally by 2030.
Honda's goals include producing 2 million EVs a year by 2030 to gain a share in the fast-growing market led by Tesla Inc (NASDAQ:TSLA).
Honda looks to establish a dedicated EV production line in North America, where it will also procure Ultium batteries from General Motors Co (NYSE:GM).
Also Read: GM Teams Up With Honda To Bring Out Sub-$30,000 EVs By 2027: What Investors Should Know
Honda also weighed a separate joint venture company for battery production there, aside from its GM partnership.
Honda committed the bulk of the ¥8-trillion investment for electrification and software technologies, including 43 billion yen to produce solid-state batteries, in spring 2024.
Toyota Motor Corp (NYSE:TM) has already targeted sales of 3.5 million such vehicles by 2030.
Nissan Motor Co Ltd (OTC: NSANY) aims for half its cars to be electric by the end of the decade.
Price Action: HMC shares closed lower by 0.04% at $26.05 on Monday.
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