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Honda has announced that it plans to spend $64 billion on research and development over the next decade.

The new commitment is part of the Japanese automaker’s global target to create 30 new electric vehicle models by 2030.

“As far as resource investments over the next 10 years go, we’re going to invest about 8 trillion yen [$64 billion] in research and development expenses,” said Honda Chief Executive Toshihiro Mibe (pictured).

Honda says that it will be able to produce more than two million EVs by the end of the decade and that it plans to build a “demonstration line” for the production of all-solid-state batteries with a $340,000 investment. Demonstration line production should start in Spring 2024.

The news of Honda’s big EV investment follows its announcement last week that it will work with General Motors to “codevelop” affordable electric cars for markets around the world. 

Of course, Honda, which had previously appeared reticent to jump on the EV bandwagon, preferring hydrogen fuel cells, hasn’t put all its eggs in a single basket. 

“We aim to realise carbon neutrality for all products and corporate activities Honda is involved in by 2050,” read a press release, “striving to eliminate carbon emissions from power sources of a wide variety of products. 

“To this end, Honda believes that a multifaceted and multidimensional approach is needed, not a mere replacing of engines with batteries. 

“Including the utilisation of swappable batteries and hydrogen as well as electrification of its automobiles, Honda will offer a variety of solutions for all of its mobility products according to how its customers use the products in various countries and regions.”

In North American markets, for example, Honda said that it will procure Ultium batteries from GM, as well as explore the possibility of a joint venture with the Detroit automaker for battery production.

In China, Honda has vowed to strengthen its collaboration with CATL. In Japan, meanwhile, Honda will buy batteries for “mini-EVs” from Envision AESC, itself a joint venture between Nissan, NEC, and Tokin Corporation. 

North American drivers will get a new Honda Prologue SUV and a new electric unnamed Acura SUV. Chinese drivers will get 10 new EVs by 2027 and in Japan, Honda will introduce the first commercial-use mini-EV, which should cost around $8,000. A personal mini-EV and electric SUV.

In 2026, Honda will begin adopting its “Honda e: Architecture,” an EV platform that combines hardware and software components. New dedicated EV plants in Guangzhou and Wuhan are coming to supply the Chinese market, as well as a dedicated EV production line for North America.

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