Hyperdrive

Honda CEO Bets $40 Billion to Reach Goal of Going Fully Electric

Honda targets full switch away from gasoline engines by 2040
Toshihiro Mibe has sought out electric-vehicle partners

WATCH: Honda’s CEO Toshihiro Mibe says $40 Billion worth of investment to produce 2 million electric vehicles over the next 10 years is necessary to achieve carbon neutral goal by 2050. Source: Bloomberg

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By River Davis and Tsuyoshi Inajima

April 13, 2022 at 3:35 AM UTC

This article is for subscribers only.

When Toshihiro Mibe took over as Honda Motor Co.’s chief executive officer last year, he did so with a bang, promising to achieve carbon neutrality by 2050 and phase out gasoline-powered car sales by 2040, becoming Japan’s first automaker to say as much.

Now, he’s backing that with numbers. Honda will spend 5 trillion yen ($40 billion) on its push into electric vehicles over the next decade to introduce 30 EV models by 2030 with production volume of more than 2 million vehicles a year.