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| Honda President Yoshihiro Mibe |
Honda Motor announced on Tuesday that it will invest $40 billion in electric vehicle development over the next decade, with the goal of releasing 30 EV models by 2030.
The Japanese automaker, which recently announced a partnership with GM on affordable EVs, intends to phase out conventional vehicles and sell only electric or fuel cell vehicles by 2040.
At a briefing on the electrification of the company's four-wheeled vehicles held at Honda's headquarters in Tokyo, Honda President Toshihiro Mibe stated, "We will develop high-value products on a global scale."
Mibe declared a withdrawal from gasoline-powered vehicles by 2040 at his inaugural news conference as president in April 2021, and at this one he presented concrete measures to achieve that goal.
Honda, on the other hand, has plans that do not involve GM, and is using a portion of its $40 billion budget to develop its own electrification platform. It is also investigating the possibility of collaborating with other companies on battery production.