Honda Motor Company officially released the summary of its 2023 Business Briefing on April 26, disclosing the automaker’s new electrification strategies.
These plan improvements came after Honda realized it lags behind its global competitors, particularly Chinese automakers.
Honda to launch aggressive electrification efforts in its major markets
Honda announced plans to debut new battery electric vehicles in major markets such as North America, China, and Japan in 2024.
In North America, Honda will start selling the Honda Prologue and Acura ZDX in 2024, which were codeveloped with General Motors. The following year, it will launch a mid- to large-size EV model based on the new E&E architecture.
In China, Honda will officially launch the e:NS2 and e:NP2 in early 2024. The e:N SUV will follow it by the end of the same year. Additional seven new EV models will hit the Chinese market by 2027.
In Japan, Honda will debut the N-VAN-based mini-EV in H2 2024. The N-ONE-based model will follow it in 2025. In 2026, Honda’s two small-size EV models will also start selling.
Apart from these, Honda will also develop better batteries and guarantee reliable material procurement through partnerships with resource recycling firms.
“To summarize… in battery and energy areas, through strategic partnerships with various companies, we will “build a strong value chain with Honda as a hub.” And by striving for “prosperous coexistence” with each partner, we will build a sustainable business foundation and strengthen our competitiveness.”
CEO Toshihiro Mibe
Furthermore, the Japanese legacy automaker will also build EV-dedicated production plants with reliable semiconductor supply. It has collaborated with Taiwan Semiconductor Manufacturing Company Limited (TSMC), among others.
Honda to catch up in the EV race
CEO Toshihiro Mibe acknowledged Honda is lagging in the worldwide fight for electric vehicles. Therefore, these electrification strategies are crucial for the company to stay competitive. The executive promised that starting in 2025, the company’s global revamp will pick up speed.
Mibe stated during Honda’s annual business briefing that their executives had an unfavorable astonishment during the Shanghai auto show. Chinese automakers crowded the exhibition space with cutting-edge EVs of every type. Meanwhile, they only showcased three electric SUVs that will be on sale in China in 2024.
“They are ahead of us, even more than expected.
We are thinking of ways to fight back. If not, we will lose this competition. We recognized we are slightly lagging behind, and we are determined to turn the tables.”
CEO Toshihiro Mibe
See Also:
- Honda debuts three all-electric SUVs at the 2023 Shanghai Auto Show
- Honda to invest at least $40 billion in its EV strategy, plans to launch a new subsidiary
- Honda, LGES break ground for new JV battery plant in Ohio
- Honda, GM partner to produce new hydrogen fuel cell system
- Honda to launch division to accelerate EV development
The Japanese automaker set a target of producing over 2 million EVs every year by 2030. All the abovementioned plans are critical to Honda’s strategy to have 100% EV and FCEV sales worldwide by 2040.
