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官方开奖结果体彩网:scaling back their EV expanꦯsion 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官方开奖结果体彩网:exploring an EV partnership in March. Honda said Thur🌞sday that it believes that EVs are “the most effective solution in the area of small mobility products such as motorcycles and automobiles,” and that it is “confident that the EV shift will continue to proceed steadily."

The Japanese automaker said it targets havinﷺg EVs, including hydrogen-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官方开奖结果体彩网:introduced discounted financing for its🙈 Model Y after 18 months of sele💎ct price reductions across its vehicle lineup.

Honda 澳洲幸运5官方开奖结果体彩网:American depositary receipts (ADRs) wer♐e trading 2.7% lower at $32.94 as of 10:46 🔴a.m. ET Thursday but are up 6.6% in 2024.