Honda to spend 10 tril. Yen on EVs, self-driving tech

President and Representative Executive Officer of Honda Motor said it will invest 10 trillion yen in electric vehicles and software for self-driving technology through fiscal 2030.

The Japanese automaker has said that by 2040, EVs and fuel cell vehicles will make up 100 percent of its sales. Honda plans to launch a new EV series from 2026 and sell seven models worldwide by 2030. The company also aims to strengthen its battery development and supply systems.

It wants to reduce procurement costs in North America by more than 20 percent. In Canada, Honda hopes to cut production costs at a dedicated EV plant by about 35 percent. The factory is expected to go online in 2028.