Honda to invest $65b in EV

Japan’s Honda Motor announced a significant ramp-up in its electrification efforts, pledging to invest a staggering $65 billion over the next decade, Reuters reported on Thursday. This represents a doubling of its previous commitment made in 2022.

Honda CEO Toshihiro Mibe acknowledged the company’s past cautious approach to electric vehicles (EVs), focusing on securing battery supplies and cost reductions before venturing into software-defined vehicles.

Honda unveiled plans last month to invest $11 billion in new EV and battery production plants alongside its existing facilities in Ontario, Canada.

This move signals the company’s intention to become a major player in the North American electric vehicle market.