Honda eyes more investments, partnerships to realize vehicle electrification goals

Honda has set a goal to have all its models around the world electric or fuel cell, which runs on hydrogen and is emissions-free, by 2040. It aims to make more than 2 million EVs a year by 2030.

According to Honda President Toshihiro Mibe, the company will forge ahead with investments and partnerships to realize its electrification goals.

Next year, Honda will begin selling two EVs in North America that it co-developed with General Motors going and will introduce a bigger EV with a new platform in 2025, a year earlier than initially announced.

In Japan, Honda will begin selling an EV based on the tiny N-ONE model in 2025. Two more EV models are planned for the following year.

In China, the world’s biggest EV market, Honda Motor Co. has three EV models going on sale next year, the e: NS2, e: NP2, and a concept unveiled at the recent Shanghai auto show.

By 2027, Honda will introduce seven more EV models in China and aims for 100 percent electric for its China sales by 2035.

Honda plans to leverage its strategic partnership with Japanese trading company Hanwa Co. to ensure stable supply of nickel, cobalt, and lithium for its batteries.

In North America, Honda will make electric models in the US at its three plants in Ohio and will use batteries from General Motors and a joint venture with South Korea’s LG Energy Solution.

Under the US Inflation Reduction Act, signed by President Joe Biden last year, to qualify for full tax credits EVs must be assembled in North America, and a certain percentage of their battery parts and minerals have to come from North America or a U.S. free trade partner.

Honda is also working on developing solid-state batteries for EVs Mibe said. EVs now run mostly on lithium-ion batteries.