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Honda to Cut Back on EV Investment Due to Dissatisfaction in the Market
- Honda Motor Co. Announced on Tuesday that it will reduce its planned investment in electric vehicles by 3 trillion yen, equivalent to $20.7 billion, through 2030.
- The reduction follows a market slowdown, changes in environmental regulations, and shifting trade policies in countries including the U.S. And Europe, which led the company to prioritize hybrid vehicles.
- Honda plans to launch 13 new hybrid models globally by 2027, expecting hybrids to represent about 2.2 million of its targeted 3.6 million total vehicle sales by 2030.
- CEO Toshihiro Mibe indicated that Honda now anticipates electric and fuel cell vehicles will account for about 20% of sales by 2030, a decrease from the earlier goal of reaching 30%.
- Honda will continue preparing for wider EV adoption while emphasizing hybrids to enhance profitability and maintain flexibility amid ongoing uncertainty in the automotive market.
35 Articles
35 Articles
Honda 'abandons' £15bn electric cars plans in favour of petrol and diesel hybrid engines
Honda has announced it will scale back investment in electric vehicles by a third due to falling demand from drivers who continue to stick with petrol and diesel cars.The Japanese car manufacturer revealed on Tuesday it would cut its planned investment in EVs from 10 trillion yen (£51.7billion) to seven trillion yen (£36.2billion) by 2030.The company will instead shift its focus towards hybrid vehicles, which it sees as a more viable alternative…
Honda Changes Course On EVs, Will Switch Focus To Hybrids - CleanTechnica
Honda, under the stewardship of CEO Toshihiro Mibe, seems to be suffering from multiple personality disorder. One day it is going to build EVs with General Motors, then it is not. One day it is going to join forces with Nissan, then it is not. One day it is going ... [continued] The post Honda Changes Course On EVs, Will Switch Focus To Hybrids appeared first on CleanTechnica.
Honda Pulls Back on EV Strategy for Now and Will Push Hybrid Sales
TOKYO (AP) — Honda said Tuesday electric vehicle sales were slowing in the U.S., prompting the Japanese automaker to scrap its previous goal for EVs to be 30% of its global vehicle sales by 2030. Instead of the initial plan to invest 10 trillion yen ($69 billion) in an electrification strategy through the fiscal year […]
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