Honda EV
Honda plans to invest $64 billion by 2030 to ramp up EV production
Japan's Honda Motors will invest $64 billion by 2030 to push its EV segment with the addition of 30 more models in the course of the next 10 years, Reuters reported.
The automaker laid the presentation on Tuesday which marked the roadmap to ramp up in the fast-growing market for electric vehicles.
The Japanese carmakers have fallen behind new entrants like Tesla and older European and American rivals.
The report said that the company plans to manufacture 2 million electric vehicles every year by 2030.
The investment will be focused on electrification and software technologies, Honda said, according to the report.
According to the report, Honda plans to spend some 43 billion yen on a demonstration line for the production of solid-state batteries, with the aim of starting that in Spring 2024.
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