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Japanese carmaker Honda has set aside 10 trillion yen ($96.25 billion) to develop electric vehicles (EVs) by early 2032, while remaining steadfast in its zero-emissions goals.
From now until Japan’s fiscal year 2031 (which ends in March 2032), Honda will invest the significant amount in the development of electric cars and hydrogen fuel cell vehicles (FCEVs) as it aims for the two powertrains to account for 100 percent of global sales by 2040
The 2040 target was announced three years ago when EV sales were on a seemingly endless upward trajectory, but demand for battery-only vehicles has cooled globally in recent months.
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While that has prompted other automakers to scale back their targets and put more emphasis on hybrids, Honda reiterated that it expects EVs and FCEVs to make up 40 percent of its global sales by 2030, at which point it aims to have the capacity to build of approximately two million EVs per year.
Toshihiro Mibe, Honda’s global chief executive, said the brand would ramp up EV launches for the rest of this decade.
“The environment surrounding automotive electrification is undergoing dramatic changes, and in some regions the sense of slowing growth in the EV market is drawing attention,” said Mibe-san.
“Looking at the trend from a longer-term perspective, Honda is confident that the shift to EVs will continue to develop steadily.
“Without getting too caught up in the current changes in the situation, Honda should look ahead to the EV promotion period that will start in the second half of 2020 and build a strong EV brand and a strong EV business in the mid- to long-term perspective.”
To do this, Honda will rely on its upcoming 0-series EVs to increase its market share.
Introduced at the Consumer Electronics Show in January, Series 0 Concepts – called Saloon and Space-Hub – are planned to influence similarly designed production models, with the electric sedan due to debut in 2026 as a flagship first.
It will initially appear in North America before becoming available in Japan, Asia, Europe, Africa, the Middle East and South America.
Honda Australia has for now ruled out a local launch of the 0-series models, having recently said it was the first EV in showrooms before 2028 – though without detailing what models are on the cards.
Honda will also launch a mid-size and entry-level SUV in 2026, with a three-row SUV, a compact SUV, a small SUV and a compact sedan coming in the following years.
The Japanese automaker is aiming for more than 300 miles (480 km) of range from its 0-series EVs, achieving this figure not only by reducing overall body weight, but also by relying on its Formula 1 experience to develop lighter electric motors.
Honda re-entered F1 as an engine supplier in 2015 with its turbocharged 1.6-litre V6 engine, which meets the hybrid-era regulations that are still in place today.
After a difficult introduction, Honda engines have won three world championships while continuing to power Red Bull’s machine, which was the car to beat this season.
Honda also aims to launch at least 10 electric vehicles in China by 2027, on its way to reaching 100 percent electric-only sales in the region by 2035.
The company has already revealed or launched seven of its 10 models, with three more to come.
As recently reported, Honda’s electric deployment has received a boost with a C$15 billion (A$16.8 billion) investment earmarked for an EV and battery assembly plant in Ontario, Canada for the North American market.
Although its joint venture partner was not announced at the time, it has since specified that Yuasa will co-develop the battery with cathode materials supplied by POSCO Future M and separators from Asahi Kasei.
With these partnerships in mind, by 2030 Honda wants current battery manufacturing costs in North America to be reduced by more than 20 percent compared to current levels.
MORE ▼: Everything HondaMORE ▼: When to expect Honda’s first electric cars in AustraliaMORE ▼: Honda to sell only electric and fuel cell cars until 2040MORE ▼: Honda previews new 0-series electric cars with wild-looking concepts
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