© Reuters. FILE PHOTO: The Honda Motor logo is pictured at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha
TOKYO (Reuters) -Japan’s Honda Motor Co Ltd plans to spend 8 trillion yen ($64 billion) on research and development over the next 10 years as it aims to roll out more than 30 electric vehicle models globally by 2030.
The targets, laid out at a company presentation on Tuesday, mark a push by the automaker to ramp up in the fast-growing market for electric vehicles, where Japanese car makers have risked falling behind new entrants such as Tesla (NASDAQ:) Inc, as well as traditional European and U.S. rivals.
Honda also said it plans to produce some 2 million electric vehicles a year by 2030. The bulk of the investment would be in electrification and software technologies, Honda said.
It said it would spend some 43 billion yen on a demonstration line for the production of solid-state batteries, with the aim of starting that in Spring 2024
($1 = 125.4500 yen)