US EditionJapan's Honda to scale back on electric vehicles, concentrate on hybrids
- Honda Motor announced on Tuesday in Tokyo that it is reducing its planned investment in electric vehicles due to slowing demand.
- Honda's CEO Toshihiro Mibe explained the cut from 10 trillion to 7 trillion yen applies to electrification and software investment through 2030.
- Instead, Honda plans to focus on launching 13 new hybrid models worldwide between 2027 and 2031 to capture growing hybrid demand.
- Honda's shift follows Nissan's Tuesday announcement of cutting 15% of its workforce and closing several plants, aiming for a sharper turnaround.
- These moves suggest Japanese automakers are adjusting strategies toward hybrids and cost reductions amid declining sales and market challenges.
86 Articles
86 Articles
Honda to cut EV investment plan by 30% to 7 tril. yen
Honda Motor Co. said Tuesday it will cut its investment plan for electric vehicle technology through fiscal 2030 to around 7 trillion yen ($48 billion) from the previous 10 trillion yen, citing lower-than-expected growth in the EV market.
Honda has already ventured its forecast of sales of electric vehicles (after making its calculations due to engine tariffs) and by 2030 plans to reduce them by 10%. That is, to go from 30% to 20% due to a drop in demand. Not only this, but the Japanese manufacturer also plans to reduce the investment it makes in software for this type of automobile. Apart from these two innovations, what they will keep from Honda is their initial idea (in the fo…
Honda announced on Tuesday a slowdown in U.S. electric vehicle sales, prompting the Japanese manufacturer to abandon its previous target of making electric vehicles 30% of its global sales by 2030.
Honda to Scale Back on Electric Vehicles
Japanese carmaker Honda Motor Co. said on May 20 that it will scale back investment in electric vehicles as demand slows and will focus instead on meeting a growing demand for hybrids. Honda said in a statement that “due to the recent market slowdown,” it will scrap its previous goal for electric vehicles (EVs) to be 30 percent of its global vehicle sales by 2030. “The environment surrounding the automobile industry is changing day by day. Uncer…
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