Honda Motor aims to reach 100% of total sales of battery and fuel cell electric vehicles by 2040. This was announced yesterday by the company’s CEO Toshihiro Mibe, who took the helm of the second largest Japanese automaker in early April.
Interim targets are 40% by 2030 and 80% by 2035 in all major markets, including North America and China.
Honda’s electrification strategy was unveiled after Japan’s prime minister pledged that the country would cut emissions by 46% by 2030, double the previously set target.
According to Mibe, the goal set by the government is “achievable”.
“As for Honda, we fully support this target – 46% – and we intend to make every effort to achieve it,” said Mibe.
The company, known for fuel efficient internal combustion engines, launched its first mass-produced all-battery electric vehicle in August last year. Over the next six years, it plans to invest about $ 46.3 billion in research and development, including related to electrification. It is noteworthy that these funds will be allocated regardless of income fluctuations.