Honda will invest approximately 10 trillion yen, or $65 billion, in the development of a new range of electric vehicles and a new production cluster. The plans are calculated by the end of the financial year, which ends in March 2031.
The company will focus on developing the necessary software for electric vehicles and automobiles. The investment will double planned production volumes from 2022 and accelerate the development of electric vehicles.
Honda will allocate 6 trillion of the 10 trillion yen to the construction of factories across the country, and the other 2 trillion yen will be invested in the development of automotive software. Given China’s growing passion for electric vehicles, winning over consumers in China is important for the company.
“It is very important to make our investments strategically and at the right time,” Honda President Toshihiro Mibe said at the press conference.
Source: Ferra
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
