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Honda Declares All Sales Will Be Electric Vehicles by 2040

  • Automaker to invest about $46 billion in R&D over six years
  • Toshihiro Mibe became chief executive of Honda on April 1
Toshihiro Mibe speaks during a news conference in Tokyo on April 23.

Toshihiro Mibe speaks during a news conference in Tokyo on April 23.

Photographer: Kiyoshi Ota/Bloomberg

Honda Motor Co. set what it called a challenging target for all of its sales to be electric vehicles by 2040 as it tries to keep up with the global EV race and revive profits under the new leadership of Toshihiro Mibe.

The Japanese company also said it will invest about 5 trillion yen ($46 billion) in research and development over the next six years, “regardless of fluctuations in our sales revenue.”