Japan's Honda plans to invest around 5 trillion yen ($40 billion) in electrification and software technologies over the next 10 years, as the Japanese auto giant aims to launch 30 electric vehicle models, worldwide by 2030.
Nearly 3.5 trillion yen will go to research and development expenditures, with 1.5 trillion yen on investments, the company said in a statement. Arabic C.
Honda aims to produce more than two million units of electric vehicles per year by 2030.
Its total R&D budget in this time frame could reach nearly 8 trillion yen, or approximately $63.9 billion, the company added in a statement. .
Honda said it would look to establish what it called a specialized electric car factory in the Chinese cities of Guangzhou and Wuhan, as well as a production line for electric vehicles in North America.
Honda is set to rely on General Motors' Ultium batteries, and is also exploring the possibility of creating a joint battery production company with the American auto giant.
Last week, Honda and General Motors announced that they would develop a series of affordable electric vehicles based on a new global platform.
This comes as car manufacturers are accelerating the development of electric car strategies to enable them to keep pace with new regulations and stay competitive, with many major economies wanting to reduce the number of electric cars. Diesel and gasoline cars are on their roads in the coming years.
