Honda Motor Earmarks $64B Over 10 Years On EV Push, Firing Up Rivalry With Tesla

Honda Motor Co Ltd HMC looks to spend ¥8 trillion ($64 billion) on research and development over the next decade, laying out an ambitious target to roll out 30 electric vehicle models globally by 2030.
Honda's goals include producing 2 million EVs a year by 2030 to gain a share in the fast-growing market led by Tesla Inc TSLA.
Honda looks to establish a dedicated EV production line in North America, where it will also procure Ultium batteries from General Motors Co GM.
Also Read: GM Teams Up With Honda To Bring Out Sub-$30,000 EVs By 2027: What Investors Should Know
Honda also weighed a separate joint venture company for battery production there, aside from its GM partnership.
Honda committed the bulk of the ¥8-trillion investment for electrification and software technologies, including 43 billion yen to produce solid-state batteries, in spring 2024.
Toyota Motor Corp TM has already targeted sales of 3.5 million such vehicles by 2030.
Nissan Motor Co Ltd NSANY aims for half its cars to be electric by the end of the decade.
Price Action: HMC shares closed lower by 0.04% at $26.05 on Monday.
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