Honda is aiming for production consisting entirely of electric vehicles and hydrogen engines by 2040, a goal that the new CEO, Toshihiro Mibe, has defined as "challenging but in line with the ambitious targets of the Japanese car manufacturer". Honda also said it plans to increase the percentage of electric vehicles and dual-fuel passenger cars - those that use hydrogen as fuel and fuel cell cars, i.e. equipped with fuel cells - by 2030 by up to 40% to then rise to 80% in 2035, and to 100% in 2040.
To achieve this goal, the car manufacturer has allocated about 5,000 billion yen for the next 6 years, equal to 38 billion euros in research and development. Honda's announcement comes in the aftermath of Japanese Prime Minister Yoshihide Suga's notification to reduce carbon dioxide emissions by 26% from 2013 levels by 2030. Among other Japanese car manufacturers, Toyota had also announced earlier this week. a plan to more than double the number of current electric models available on its price list by 2025.
