Honda to spend $64 bln on R&D as it revs up electric ambitions

The Honda Motor logo is pictured at the 43rd Bangkok International Motor Show, in Bangkok, Thailand, March 22, 2022. REUTERS/Athit Perawongmethaplans to spend $64 billion on research and development over the next decade, the company said on Tuesday, laying out an ambitious target to roll out 30 electric vehicle models globally by 2030.

Last week Honda said it and GM would develop a series of lower-priced electric vehicles based on a new joint platform, expanding on plans for GM to begin building two electric SUVs for Honda starting in 2024. "This puts them in good company with a lot of other makers that have made big battery announcements ... ultimately the world is going to leave internal combustion engines behind," said Christopher Richter, an analyst at CLSA.The bulk of the 8-trillion-yen investment is earmarked for electrification and software technologies. That includes about 43 billion yen on a demonstration line for production of solid-state batteries, targeted to start in spring 2024.

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