Honda has reaffirmed its commitment to electrification during its 2024 business briefing, setting ambitious goals for a fully electric (EV) and fuel cell vehicle (FCEV) lineup by 2040. Honda’s approach is to focus on small mobility solutions, where EVs are viewed as the most effective means to achieve its carbon neutrality goals by 2050.
Key Highlights of Honda’s Electrification Strategy:
- Financial Commitments and Production Goals:
- Honda plans a substantial investment of approximately 10 trillion yen through fiscal year 2031 to bolster its electrification initiatives.
- A target production of more than 2 million EVs annually by 2030 aims to ensure Honda’s competitive presence in the global auto market.
- EV Lineup and Innovations:
- The Honda 0 Series, a new global EV series, will include seven models launched by 2030, showcasing innovative designs under the “Thin, Light, and Wise” development philosophy.
- Innovations include a new dedicated platform for mid- to large-size EVs, integration of a compact e-Axle, and adoption of the world’s top-class ultra-thin battery pack.
- Structural Reforms:
- By 2030, Honda aims to reduce battery costs by over 20% in North America and cut overall production costs by around 35%.
- Strategic partnerships are planned for battery production and essential components to support an integrated EV value chain.
- Global and Regional Focus:
- In North America, Honda will start production in a joint venture battery plant with LG Energy Solution by 2025.
- In China, Honda plans to introduce 10 new EV models by 2027 and aims for all its automobile sales in the region to be electric by 2035.
- Sustainable Mobility Solutions:
- Honda is also focusing on micro-mobility with the introduction of a new product equipped with the Honda Mobile Power Pack e: (MPP) in Japan by fiscal 2026.
- Efforts to advance hybrid-electric vehicle (HEV) technologies are ongoing, with improvements in Honda’s e:HEV system and a new electric all-wheel drive (e-AWD) system in development.
Honda’s roadmap emphasizes not just a shift to electric vehicles but also the creation of a sustainable mobility ecosystem. This includes the development of a comprehensive EV value chain—from battery production to vehicle assembly and recycling—and innovative production technologies that will reduce costs and enhance efficiency. With these strategic initiatives, Honda is positioning itself as a leader in the global shift towards sustainable and electrified transportation.
