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Honda to Spend $40 Billion on EV Push, Plans 30 Models

  • Honda targets full switch away from gasoline engines by 2040
  • CEO Mibe has expanded Honda EV partners, China presence
The Honda e electric vehicle.

The Honda e electric vehicle.

Photographer: Kiyoshi Ota/Bloomberg
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Honda Motor Co. plans to spend 5 trillion yen ($40 billion) on its push into electric vehicles over the next decade, as the Japanese automaker with the most aggressive EV ambitions moves to back its bold advance into next-generation cars with concrete plans.

Some 30 EV models will be launched by 2030 with production volume of more than 2 million vehicles a year, Japan’s second-biggest automaker said in a statement Tuesday. EVs will make up around 40% of the company’s fleet by the end of the decade, Honda said.