Honda unveils EV pivot: $65 bn spend, seven new models using F1-developed technology by 2030

Honda announced it will double its investment in EVs to $65 billion and launch seven new electric models by 2030, as the Japanese company moves to catch up with industry biggies such as Tesla and BYD.

Global CEO Toshihiro Mibe held a press briefing on the company's electrification initiatives, and revealed that electrification targets remain intact.

"Honda continues to believe EVs are the most effective solution in small mobility products such as motorcycles and automobiles," Mibe said. The company is holding on to its electrification target for EVs and FCEVs to account for 100 percent of its global vehicle sales by 2040. Key takeaways from the meet:

• The company will invest 10 trillion yen ($65 billion) in EVs over the 10-year period through 2031, when it expects full-fledged popularization of EVs to start.
• By 2030, Honda will launch seven models ranging from small to large size from the Honda 0 Series, a global series that will serve as the company's flagship EV series. The company will also introduce a micro-mobility product in Japan before the end of 2026.
• Honda will establish a "competitive business structure" with an aim to reduce overall production cost by ~35 percent.
• By 2030, the company will reduce the cost of EV battery in North America by more than 20 percent from the current rates by establishing a vertically-integrated EV value chain with a central focus on batteries. The company is already set to secure enough batteries for its planned production of ~2 million EVs per year.

Honda said it would pursue sporty driving models that lead to the "joy of driving". The new models will also be about 100 kg lighter, with Honda adopting an all-new power unit developed using learning from development of F1 machines, the company said.

In addition, heavy components such as the battery and power unit will be placed low and in the center of the vehicle body to realize a low center of gravity.

The company will also deploy its motion management system developed based on posture control technology.

Honda said that combining the highly efficient power unit with excellent aerodynamic technology that the company has amassed through its motorsports activities will allow the new EV series models to achieve both, a sporty driving experience and world-leading electricity efficiency performance: it is expecting a range of more than 480 km for each of the Honda 0 Series models.