Honda to spend $64 billion on R&D as it revs up electric ambitions

Japan`s Honda Motor Co Ltd plans to spend 8 trillion yen ($64 billion) on research and development over the next 10 years as it aims to roll out more than 30 electric vehicle models globally by 2030.

The targets, laid out at a company presentation on Tuesday, mark a push by the automaker to ramp up in the fast-growing market for electric vehicles, where Japanese car makers have risked falling behind new entrants such as Tesla Inc, as well as traditional European and U.S. rivals.

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Honda also said it plans to produce some 2 million electric vehicles a year by 2030. The bulk of the investment would be in electrification and software technologies, Honda said.

It said it would spend some 43 billion yen on a demonstration line for the production of solid-state batteries, with the aim of starting that in Spring 2024