Honda targets 100 percent electrification by 2040

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Honda Motor Co Ltd is committed to achieving the target of 100% electrification of its products by 2040. To make this happen, Honda is taking various approaches.

The approach includes setting targets for EV sales, restructuring procurement and production to reduce costs, introducing innovative EV models, and making significant financial investments, among other things.

This was conveyed by the Director President and Representative Executive Officer (Global CEO) of Honda Motor Co Ltd, Toshihiro Mibe, according to Honda’s official website, Tuesday (28/5/2024).

The first comprehensive approach includes setting targets for EV sales. Honda remains confident that electric vehicles are the most effective solution for small mobility products such as motorcycle and cars. Honda has a target of 100% EV and FCEV products from its global vehicle sales by 2040.

In addition, Honda sees the period of EV popularization, building a strong EV brand and a solid EV business foundation as Honda’s medium to long term perspective.

Then the second comprehensive approach is to restructure procurement and production to reduce costs, Honda’s main focus is on battery production. Honda is working to reduce battery production costs in North America with a target of more than 20% compared to current costs by 2030.

Honda will also build a competitive business structure with the aim of reducing overall production costs by around 35%. Honda already has a positive outlook on securing enough battery production to power around 2 million EV units per year.

Additionally, Honda will introduce innovative EV models as a third comprehensive approach. At CES 2024, Honda has started the introduction of electric vehicles, starting with the Honda 0 Series. This model will play an important role in Honda’s EV strategy.

With a new “Thin, Light, Wise” approach, Honda launched 2 concept models, namely the Saloon and Space-Hub, where this model will be mass produced in 2026 for the North American market and then globally. After that followed by other models ranging from small to large sizes, there will be seven models in total.

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