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Honda to cut EV investment plan by 30% to 7 tril. yen
Honda Motor Co. said Tuesday it will cut its investment plan for electric vehicle technology through fiscal 2030 to around 7 trillion yen ($48 billion) from the previous 10 trillion yen, citing lower-than-expected growth in the EV market.
Honda President Toshihiro Mibe told a press conference that slow EV growth in North America and in Europe and recent moves to ease environment regulations in the automotive sector, such as in California, have led to the latest review. Honda said in May 2024 it would double its investment in EV technology from its previous plan to around 10 trillion yen through fiscal 2030 as it faced challenges from powerful overseas rivals such as Tesla Inc. and China's BYD Co. Despite the revisit of the plan, Mibe said "EV will be the optimal solution for achieving carbon neutrality from the long-term perspective."
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