Tue, 05 Jul 2022

Honda announces series of new EV models

Robert Besser
15 Apr 2022, 14:52 GMT+10

TOKYO, Japan: Honda has announced a series of new electric vehicle (EV) products to take on this increasingly popular sector among automakers.

With fuel prices surging to record highs and inflation hitting 8.5 percent, consumers are looking for ways to save money.

Many have, therefore, bought or tried to buy electric vehicles, and the market for used EVs has witnessed rising demand for a limited supply.

The market is currently extremely competitive, and even used Teslas are selling at their original sales price, as more people are looking to avoid an increasingly overheated economy.

There are also older models from major automakers that are available on popular car dealership sites, such as Carvana. While there are a few choices, many of them are not in the same category as a Tesla or even a new Ford EV.

While EVs accounted for a small share of the market only a few years ago, since January 2022 interest in them has soared 70 percent, pushing prices up 25 percent from one year ago and making the EV sector more profitable.

On 11th April, Honda said it will launch 30 new EV models and deliver them to consumers via a facilitated production process, adding it aims to produce over two million EVs per year.

Among those will be a mini car and two SUVs, focusing on lighter, longer range solid-state batteries that are evolutions of the standard lithium battery used in most EVs and are much faster to charge, making them more consumer friendly.

To reach its goal, Honda said it will invest $40 billion into the effort to
enter the race for EV domination, after hyping hybrids as its answer to eco-friendly car making.

As more and better technology has evolved, that approach that has lagged and almost disappeared.

More Japan News

Access More

Sign up for The Japan News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!