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Title: Japan's Honda To Scale Back On EVs, Focus On Hybrids

Link: https://tech.slashdot.org/story/25/05/20/2237...

An anonymous reader quotes a report from Reuters: Honda said on Tuesday that
it was scaling back its investment in electric vehicles given slowing demand
and would be focusing on hybrids, now far more in favor, with a slew of
revamped models. Japan's second-biggest automaker after Toyota also dropped a
target for EV sales to account for 30% of its sales by the 2030 financial
year. "It's really hard to read the market, but at the moment we see EVs
accounting for about a fifth by then," CEO Toshihiro Mibe told a press
conference. Honda has slashed its planned investment in electrification and
software by that year by 30% to 7 trillion yen ($48.4 billion). It's one of a
number of global car brands dialing back EV investment due to the shift in
demand in favor of hybrids and as governments around the world ease timelines
to meet emission rules and EV sales targets. Honda plans to launch 13 next-
generation hybrid models globally in the four years from 2027. At the moment
it sells more than a dozen hybrid models worldwide, though just three in the
U.S. -- the Civic, which comes in hatchback and sedan versions, the Accord
and the CR-V. It will also develop a hybrid system for large-size models that
it plans to launch in the second half of the decade. The automaker is aiming
to sell 2.2 million to 2.3 million hybrid vehicles by 2030, a huge jump from
868,000 sold last year. That also compares with a total of 3.8 million
vehicles sold overall last year. Earlier this month, Honda announced it had
put on hold for about two years a $10.7 billion plan to build an EV
production base in Ontario, Canada, due to slowing demand for electric cars.
Honda said, however, that it still plans to have battery-powered and fuel-
cell vehicles make up all of its new car sales by 2040.

Read more of this story at Slashdot.

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