Hyperdrive
Honda’s CEO Bets on New Battery Technology to Catch Up in EV Race
- Japanese auto giant is working on solid-state battery tech
- An unstable EV market makes it difficult to plan, Mibe says
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Honda Motor Co. Chief Executive Officer Toshihiro Mibe is betting on new battery technology to drive down costs and develop electric versions of its smaller, affordable cars — but before that happens, the Japanese carmaker will sell larger and more expensive EVs.
Mibe, who is in the US this week to break ground on a new $4.4 billion lithium-ion battery plant in rural Ohio, said in an interview that a different technology — solid-state batteries — will eventually help make EVs, which can cost 40% more to build than fuel-powered cars, more accessible.