Written by Brenda Nakalema

Honda Plans 30 EV Models by 2030

Honda Motor Company is finally ready to throw its hat in the EV ring and take a step towards securing …

Honda Motor Company is finally ready to throw its hat in the EV ring and take a step towards securing the company’s future. The company announced that it would spend $64 billion on research and development as the Japanese automaker unleashes its plans to roll out 30 electric vehicle models by 2030.

In a statement released on Tuesday, Honda announced its aim to produce 2 million electric vehicles (EVs) per year over the next decade. Part of the $64 billion investment will be used to ramp up Honda’s “electrification and software technologies”, the company said. To be precise, $40 billion will be applied directly to this purpose.

Honda (ticker: HMC) plans to introduce two- mid to large size EVs in North America as well as a commercial-use mini-EV in Japan within the $8000 price range in 2024. China will also have 10 new EV vehicles come to market by 2027.

To secure funding for the investment, Honda issued $2.75 billion of Green bonds in March after having made plans to use the capital injection to accelerate its zero-environmental initiatives further as it seeks to eliminate carbon emissions from its power sources by 2050.

“By no means is this the end of hybrids and the replacement of all hybrids with EVs,” said Honda chief executive Toshiro Mibe in an announcement to the company.” He said. “We will develop our current hybrids and use them as a weapon in our business,” he added.

American depository receipts of Honda were flat in premarket trading on Tuesday, standing at $25.99.