Honda unveils its updated EV strategy, will introduce the Honda 0 series, invest 10 trillion yen, and more

19 May 2024, 13:39:59

Honda Motor has unveiled its updated strategy to achieve its electrification target to make EVs and FCEVs represent 100% of its global vehicle sales by 2040. Firstly, as of 2030, Honda will reduce the cost of the battery to be procured in North America by more than 20% compared to the current battery costs. Secondly, it will establish a competitive business structure to reduce the overall production costs by approximately 35%. Moreover, as of 2030, Honda plans to make EVs and FCEVs represent 40% of its global auto sales and to produce more than 2 million units of EVs.

As a part of this strategy, the brand will introduce the Honda 0 EV series - a completely new lineup of electric cars. Earlier in January, Honda unveiled two concept models - the Saloon and the Space Hub. The company will also adopt a new dedicated platform for mid- and large-size EVs, a newly developed compact e-Axle, and the world's top-class ultra-thin battery pack. This will enable the manufacturer to offer improved design, more comfort and space, and lighter vehicles. Furthermore, the Honda 0 Series models which will be introduced in the second half of the 2020s will adopt a centralized architecture, which will consolidate multiple ECUs which are serving individual functions to control the vehicle’s systems, to a core ECU and serve as a single “brain” for the entire vehicle.

In the first half of the 2020s, Honda will stably procure necessary volume of batteries while holding down the cost by strengthening external partnerships for the liquid lithium-ion batteries in each respective region. In the mid 2020s, Honda will begin battery production with its JV partners such as LGES in the U.S. In the second half of the 2020s, Honda will further expand its scope of battery business and strive to build a vertically-integrated and comprehensive EV value chain with a central focus on batteries, that includes all aspects of EV production, from procurement of raw materials mainly for batteries, through production of finished EVs, as well as battery reuse and recycling.

Honda has also outlined its plans for introducing new models. The Honda 0 Series will be for the global market but will be first introduced in North America in 206. A total of seven models will be launched globally by 2030 from small to large size. In China, Honda will introduced 10 EV models by 2027. Honda unveiled the “Ye Series,” a new EV series which will follow the e:N Series currently available, continuing to enhance its EV lineup in China. Starting with the N-VAN e:, a commercial-use mini-EV that will go on sale in Japan this fall, Honda will make sequential introductions of small-size EVs in regions where there is a need for them.

As a conclusion, Honda is planning to invest approximately 10 trillion yen in resources over the 10-year period through FY2031, when the period of full-fledged popularization of EVs is expected to start. Approximately 2 trillion yen for R&D expenditure toward the realization of software-defined vehicles. Approximately 2 trillion yen for the investments and capital contributions related to the establishment of comprehensive EV value chains in key markets such as the U.S., Canada and Japan. Approximately 6 trillion yen, a sum of 3 trillion yen for development-related expenditures and 3 trillion yen for investments, for the areas related to our Monozukuri (art of making things).

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