Honda plans to invest €60 billion by 2030 to produce 30 electric vehicles

In a big move to catch up in the booming electric car market and compete globally, Japanese automaker Honda plans to spend nearly €60 billion on research and development.

This is a considerable sum and underscores the urgency with which the company views the development of electric drives.

A total of 30 electric vehicles are to be produced by 2030.

Ambitious targets include producing two million electric vehicles per year by 2030 as an example of how the company will seek to capture its share of the electric vehicle market going forward.

The company has since ramped up its hybrid offering and already has the excellent electric EV Honda e.

As part of its new plans, the company is also focusing on building its own electric vehicle production line in North America.

And it will buy Ultium batteries from GM, as well as consider a separate joint venture for battery production.