**Honda Doubles EV Investment to $65 Billion and Plans 7 New Models**
**Honda’s Commitment to Electric Vehicles**
– Honda reaffirms its commitment to phasing out gasoline engines by 2040 and doubles its investment in electrification.
– The Japanese automaker will vertically integrate EV production, including battery manufacturing, in-house.
– Seven new EV models are set to launch in North America before 2030.
**Honda’s Strong Statement at CES 2024**
Honda unveiled its 0 Series of electric cars earlier this year and used the CES event in Las Vegas to tease two new models. Despite a temporary slowdown in EV sales in the U.S. and Europe, CEO Toshihiro Mibe announced that Honda will increase its investment in electrification.
**Strategic Investment for the Future**
The move by Honda underscores its belief that EVs are the future of automotive and motorcycle applications. The company remains on track to go all-electric by 2040, with plans for both battery and fuel-cell EVs. Additionally, Honda is exploring the use of sustainable fuels for larger applications like aviation and marine.
**Focus on Cost Reduction and In-House Manufacturing**
Honda aims to reduce North American battery procurement costs by 20% and overall production costs by 35% through its increased investment. The company plans to shift towards manufacturing batteries in-house and develop a vertically integrated EV value chain. Honda will also bring software development in-house and introduce Megacasting technology inspired by Tesla’s Gigacasting.
**Long-Term Goals and Expansion**
In the medium to long term, Honda targets having 40% of its offerings powered by EVs or FCEVs by the end of the decade. The 0 Series will include seven new models with improved range and reduced weight. Furthermore, Honda plans to introduce 10 new models in China by 2027 under the Ye Series brand.
**Conclusion**
Honda’s ambitious investment in electrification signals a significant shift towards sustainable mobility solutions. With a focus on cost reduction, in-house manufacturing, and a diverse lineup of electric models, Honda is poised to lead the way in the transition to electric vehicles.