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Honda Commits $65 Billion Over the Next Decade to Accelerate Electric Vehicle Development

Honda Motor Co. has announced a substantial $65 billion investment over the next ten years to boost its electric vehicle (EV) capabilities. This initiative aims to introduce seven new electric models globally by 2030 and build a robust supply chain for EV batteries, including partnerships with LG Energy Solution and GS Yuasa. CEO Toshihiro Mibe reaffirmed Honda’s commitment to EVs as the key solution for future mobility. The investment will support new technology development, manufacturing facilities, and supply chain enhancements. Honda’s joint venture with LG Energy Solution in North America will produce batteries with an annual capacity of up to 40 GWh, crucial for the upcoming EV models. By 2030, Honda aims to reduce EV battery costs in North America by over 20% and achieve a 5% return on sales from its EV business. This bold move is part of Honda’s strategy to achieve 100% EV sales by 2040, aligning with global climate goals and reducing carbon emissions.

Find out more about Honda’s ambitious plans for electric vehicles and their commitment to a sustainable future here.

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