Honda investing $40 billion over next decade in massive shift to electric vehicles

TOKYO (AP) - Honda is investing 5 trillion yen ($40 billion) over the next decade in research, especially to realize a major shift to ecological electric vehicles, the Japanese automaker said Tuesday.The products and services in the works will account for more than half of its 8 trillion yen ($64 billion) research and development budget in that time and will be tailored for each major market, the U.S., China and Japan.Efforts in North America will focus on the collaboration with General Motors Co., under which Honda Motor Co.

is jointly developing two midsize to large EV models, set for sale in 2024.By 2027, also under its alliance with GM, Honda plans to offer an affordable electric vehicle that’s competitive with gas-powered models in performance and pricing.Top automakers are accelerating electric car offerings amid pressing concerns about climate change, while also employing new kinds of fuel, such as biofuel and hydrogen-powered fuel cells.Honda will launch 30 EV models globally by 2030, targeting production of more than 2 million vehicles a year, according to the maker of the Accord sedan, Asimo robot and Gold Wing motorcycles.They will span the whole range of models, from tiny vans to muscular sportscars."We will continue to deliver the kind of fun in driving that our customers have come to expect from Honda," said Chief Executive Toshihiro Mibe.In China, where the move to electric vehicles is especially bullish, Honda is introducing 10 new EV models by 2027.Toshihiro Mibe, president and chief executive officer of Honda Motor Co., pauses during a news conference in Tokyo, Japan, on Tuesday, April 12, 2022.