Honda invests €36 billion in EVs and will have 30 models by 2030

Over the next ten years, the Japanese car manufacturer Honda will invest approximately 36.6 billion euros in electrification and software technologies. The company says it will release 30 electric models worldwide by 2030.

Honda says that it has planned an annual production volume of more than 2 million electric cars by 2030. The investment of 36.6 billion euros in electrification will be part of an overarching R&D budget of approximately 58.5 billion euros for the next ten years.

In order to obtain enough batteries for the electric cars, Honda will purchase the so-called Ultium batteries from General Motors for the North American market and the establishment of a joint venture for battery production is being considered. In China, Honda will strengthen its partnership with CATL and in Japan, batteries will be purchased from Envision AESC. Honda does not provide any further explanation for the European market.

Money is also being invested in the development of solid-state batteries. Honda has invested about 315 million euros in a demonstration line and the goal is to have this line operational by the spring of 2024. These batteries should then find their way to electric cars in the second half of this decade. Honda also mentions the exchange of batteries and hydrogen as elements in which the company will invest.

Two electric sports car models that Honda plans to release in the future.