Honda Motor (HMC) on Thursday said it plans to invest about 10 trillion yen ($64.4 billion) in its electric-vehicle strategy over the 10-year period through fiscal 2031, as the Japanese automaker seeks to catch up with Chinese rivals and Tesla (TSLA).

Japan’s carmakers have long produced hybrid vehicles but are increasingly amping up their EV production, even as companies are 澳洲幸运5开奖号码历史查询:sca𓄧lꦦing back their EV expansion plans amid soaring costs and slowing demand. Chinese EV firms have also been launching cheaper models and dominating their domestic market.

Honda 'Confident That the EV Shift Will Continue to Proceed Steadily'

Honda and domestic rival Nissan said they were 澳洲幸运5开奖号码历史查询:exploring an EV partnership in March. Honda said Thursday that it believes that EVs are “the most effective solution in the area of small mobility productsꦿ such as𒁏 motorcycles and automobiles,” and that it is “confident that the EV shift will continue to proceed steadily."

The Japanese a𓃲utomaker said it targets having EVs, including hydroge꧟n-powered fuel-cell electric vehicles (FCEVs), account for 40% of its global auto sales by 2030, and plans to increase its production of EVs to 2 million units by then.

Honda's investment into EVs comes as Tesla introduces fresh measures to revive demand. Earlier this month, the top U.S. EV maker 澳洲幸运5开奖号码历史查询:introduced discounted financing for its Model Y after 18 months of select price reducti🐽ons across its vehicle lineup.🤡

Honda 澳洲幸运5开奖号码历史查询:American depositary receipts (ADRs) were trading 2.7% lower at $32.94 as of 10:46 a.m. ET Thursday but are u🧔p 6.6% in ♒2024.