Honda Targets Complete Electrification Of Vehicles By 2040: Reuters - General Motors (NYSE:GM), Honda Motor Co (NYSE:HMC)

Japanese automaker Honda Motor Co Ltd HMC CEO Toshihiro Mibe was targeting 100% sales in electric vehicles (EVs) and fuel cell vehicles (FCVs) by 2040 in support of the government’s renewable energy drive, Reuters reports. The 2040 target also included hybrid vehicles.
Honda estimated EVs and FCVs to generate 40% and 80% of sales by 2030 and 2035, respectively, in every major market, including North America and China.
Japan’s PM Yoshihide Suga recently disclosed its targeted 46% emission reduction by 2030 and initiatives for doubling the target.
Mibe considered the target to be viable from the viewpoint of Japan becoming carbon neutral by 2050.
Honda introduced its first mass-produced all-battery vehicle in August 2020.
Honda aimed to invest around $46.3 billion (5 trillion yen) in research and development initiatives, including electrification, over the next six years, irrespective of revenue hit.
In North America, Honda and General Motors Co GM will launch two jointly-developed large-sized EV models utilizing GM’s Ultium batteries in 2024. They will also introduce a series of new EV models featuring e:Architecture EV platform.
Mibe aimed EVs and FCVs to generate 20% and 80% of sales by 2030 and 2035, respectively, in Japan.
Honda planned to include advanced driver-assistance systems in every model across major markets by 2030.
Price action: HMC shares closed higher by 0.63% at $30.24 on Thursday.