Reported about 17 hours ago
Honda Motor announced a reduction in its electric vehicle investment due to declining demand, shifting to focus on hybrids. CEO Toshihiro Mibe revealed plans to decrease electrification investments from 10 trillion yen to 7 trillion yen and expects that electric vehicles will constitute only around 20% of sales by 2030. The company aims to sell 2.2 to 2.3 million hybrids by that year and will introduce 13 new hybrid models globally by 2027. Despite scaling back, Honda aims for all new car sales to be battery-powered or fuel-cell vehicles by 2040.
Source: YAHOO