In a media statement, Honda said it projects EV sales to not reach its previous estimation of 30 per cent by 2030, which was to be spearheaded by 30 fully-electric models.
“Due to the recent market slowdown, the Honda EV sales ratio in 2030 is now expected to fall below the previously announced target of 30 per cent,” the carmaker said.
“In light of this outlook, Honda is reassessing its EV strategy and roadmap, including plans for the EV product lineup and the timing of relevant investments including one to build a comprehensive EV value chain in Canada.
“In the meantime, there is no change in the Honda position that EVs are the optimal solution to achieve carbon neutrality of passenger vehicles. Therefore, Honda will steadily carry out initiatives being undertaken to prepare for the future EV shift at the appropriate timing.”
Honda hasn’t yet detailed how far below the 30 per cent target EV sales are expected to reach by 2030.
Last year Honda committed 10 trillion Yen ($108 billion) towards EV development until early 2032.
As a part of today’s announcement, Honda announced the investment has been reduced to seven trillion Yen ($75 billion).
In addition to this, Honda’s decision to postpone its Canadian EV value chain is related to recent tariffs applied on the nation by its US neighbour.
Honda had previously earmarked CAD$15 billion (A$16.75 billion) to establish an EV assembly and battery plant in Ontario for the North American market, with the facility to be shared with a joint venture partner.
While it’s not good news for those waiting for new Honda EVs, the carmaker will renew its focus on hybrids, with 13 models set to be launched between 2027 and 2030.
These new-gen Honda hybrids will adopt the carmakers refreshed H-mark logo, which will do without the rectangular surround. This new badge had previously been reserved for new EVs.
According to Honda, its next-gen hybrid models are targeted to be 10 per cent more economical, while the cost of the hybrid system itself is slated to be reduced by more than 30 per cent compared to 2023 vehicles.
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