Lots of top-selling automobile brands have been on the electrification move, and the Honda EV strategy is getting some financial boost in this area. The brand aims to invest a whooping €61 billion by 2030 into its research and development to drive the production of more EV models. Over the next few years, the automobile manufacturer will put this investment into its various electric models to help compete with other players in the EV industry.
This investment will fuel the production of smaller EVs and motorbikes that might appeal to a wider range of users. Honda will also need to work on its supply chain to get these vehicles out to more potential buyers in various regions. By taking these steps, Honda hopes that it’ll be able to compete with brands like Tesla and BYD, which are currently the top players in the EV industry globally.
Since this Honda EV strategy seems to pay more attention to smaller EVs, it doesn’t mean that the brand will neglect the larger electric SUVs. Our sources point out that Honda plans to launch seven new EVs and among these entries are some larger electric SUVs. These coming products might be a fine blend of pure EVs and plug-in hybrid models.
By 2027, Honda also aims to roll out about ten new EV models, the majority of these vehicles might be smaller saloons. At this rate, the Honda EV strategy will be able to electrify the automobile brand’s entry line-up by 2035. Before this time the brand aims to continue testing the EV waters by launching plug-in hybrids and pure EVs.
Already the brand has a good name in the automobile industry, but it’s investing in the supply chain for its EVs. This can be seen in its partnership with GS Yuasa for the development and production of lithium-ion batteries for use on these EVs. By 2024, Honda plans to be 100% electric on all the automobile models that it offers to its potential buyers.