Japanese automaker Honda said Tuesday it will invest nearly $40 billion into electric vehicle technology over the next decade as it works towards switching all sales away from traditional fuel cars.
Global auto giants are increasingly prioritising electric and hybrid vehicles, with demand growing for less polluting models as concern about climate change grows.
Honda said in a statement that it plans to launch 30 EV models by 2030, with an annual production volume of more than two million units.
The company said it would allocate around five trillion yen ($39.9 billion) over the next 10 years “in the area of electrification and software technologies to further accelerate its electrification”.
