Honda is speeding up its electrification efforts and has pledged to double its investments in vehicle electrification and software. Seven new Honda EVs are coming to the global markets by 2030.
The company does not currently offer many EVs in markets other than China and is taking it slow in most of its key markets. However, the company does plan to build a comprehensive EV lineup in other markets towards the end of the decade, meaning it is committed to adopting zero-emission propulsion technology.
Honda announced the doubling of its investments in the areas of electrification and software to a total sum of around 10 trillion yen (65 billion US dollars) by 2030. Two years ago, Honda had budgeted 5 trillion yen for this. In its recently published strategy update, the Japanese company also specifies that seven models of the new 0 Series generation of electric cars are planned worldwide by 2030, which will be launched in 2026. For China, Honda is announcing ten electric models by 2027. Honda is focusing on the new Ye series for this.
Honda also wants to make at least a five per cent return on investment, not easy when many EVs are currently losing money.
Different battery chemistries will play a role. Honda will look to produce batteries itself to keep costs in check. It is also partnering with LG in the US from next year. Honda wants to cut the cost of battery production by 20 per cent within five years, as well as reducing overall production costs by 35 per cent.
The first of the seven 0 cars is the saloon and a pair of SUVs, all due in 2026. A large three-row electric SUV will arrive in 2027, followed by a Model Y rival in 2028, and a small SUV before 2030.