On Monday evening, Honda Motor Co. said that it plans to produce more than 2 million electric vehicles a year by 2030.
As part of its 10-year electrification plan, the Japanese manufacturer announced that it would invest $40 billion (5 trillion yen) in the development of its own electrification architecture and new growth potential in areas such as space exploration, eVTOL and virtual reality avatar robots.
Toshihiro Mibe, CEO of Honda, said that the automaker will invest $64 billion in research and development over the next decade, and an additional $80 million per year in startups that could help the company shift from selling products alone to offering combined solutions, and that the company will actively pursue inter-industry collaboration and alliances.
Recently, Honda and Sony agreed to work together on electric vehicles.
At the event, Kohei Takeuchi, SVP of Honda, emphasised that the company will use external funding channels if needed. Honda said last month that it would issue $2.75 billion in USD-denominated Green Bonds to fund the development and production of zero-emission vehicles. Honda announced in June 2021 that it would phase out all gas-powered vehicles by the year 2040.