Honda says to spend $64 billion on R&D as it revs up electric ambitions

This post was originally published on this site

The targets, laid out at a company presentation on Tuesday, mark a push by the automaker to ramp up in the fast-growing market for electric vehicles, where Japanese car makers have risked falling behind new entrants such as Tesla (NASDAQ:TSLA) Inc, as well as traditional European and U.S. rivals.

Honda also said it plans to produce some 2 million electric vehicles a year by 2030. The bulk of the investment would be in electrification and software technologies, Honda said.

It said it would spend some 43 billion yen on a demonstration line for the production of solid-state batteries, with the aim of starting that in Spring 2024

($1 = 125.4500 yen)