Honda to spend $64 billion on (R&D) EV push launch 30 EV model by 2030

Honda to spend $64 billion on (R&D) EV push launch 30 EV model by 2030, said by the chief executive of Honda, on Tuesday.

Credit to Honda Motor

Tokyo, Japanese-based automaker company Honda Motors has planned to spend $64bilion on research & development over the next decade to push EVs.

On Tuesday, 12 April, Honda Unveiled its plan to launch a 30new Electric vehicle model by 2030.

Honda has a target to produce some 2 million electric vehicles a year by 2030.

Honda Chief Executive Toshihiro Mibe, said, “As far as resource investments over the next 10 years go, we’re going to invest about 8 trillion yen in research and development expenses,” referring to the equivalent to $64 billion.

Now, Tesla is the main competitor of all-electric vehicle companies, and the Japanese automakers risk falling behind European and U.S. rivals.

Honda a chief also said that our plan is to establish a dedicated electric vehicle production line in North America where it will also procure Ultium batteries from general Motor co.

The brand announced, last week that GM would also develop lower-priced electric vehicles in the new joint platform after that they produce two electric SUVs from GM motors by 2024.

But now, It is considering a separate joint company for battery production on it apart from its partnership.

At the end of the meeting, Mobi also said that the brand would spend some 43billion on a demonstrator line for the production of solid-state batteries, which will start in early spring 2024.

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