Japan based car manufacturer Honda Motor Co. (TYO: 7267) has revealed that it will be spending $64 billion for research and development activities over the next decade. The automaker made this announcement on April 12 further adding that it’s looking forward to unveiling 30 electric vehicle models by 2030.
This target entails producing 2 million electric vehicles annually by 2030. The company is aiming to claim a bigger market share in the fast growing market for electric vehicles which Western automakers like Tesla Inc. (TSLA) are having an early lead over their Asian counterparts.
“As far as resource investments over the next 10 years, we’re going to invest about 8 trillion yen ($64 billion) in research and development expenses,” said the CEO of Honda, Toshihiro Mibe.
The company says it wants to set up a dedicated electric vehicle production line in North America as well as procure Ultium batteries from fellow automaker General Motors Co. (GM).
In addition, Honda is contemplating a separate joint venture firm for battery production in North America apart from its partnership with General Motors. Major auto manufacturers have been making EV related partnership in efforts to share technology and optimize costs.