Honda to invest $65 billion for enhancing its transition to electric cars

Honda Motor Company announced that it intends to invest $65 billion in its electric vehicle strategy during the current decade.

The company said the spending, which will continue until fiscal year 2031, will cover areas including software, research and development and establishing supply chains in key markets, such as America, Canada and Japan.

According to Toshihiro Mebe, CEO of Honda, during a press conference in Tokyo, the company will launch 7 new models of electric cars globally by 2030. It also plans to start selling two new models of electric cars in China later this year.

The company maintained its goal for battery and fuel cell electric vehicles to represent 100% of global sales by 2040.