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Honda Cuts 2030 EV Goal Amid Market Challenges

5/20/2025

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Summary

Story summary

Honda is reducing its 2030 EV sales target from 30% to 20% amid market slowdowns.
The company will introduce 13 new hybrid models globally by 2031, focusing on larger vehicles for North America.
Investment in electrification and software has been cut by 30%, lowering total spending from $69 billion to $48.4 billion.
Honda still targets full electrification by 2040, with hybrid sales projected at 2.2 million units annually by 2030.

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Story summary

Honda is reducing its 2030 EV sales target from 30% to 20% amid market slowdowns.
The company will introduce 13 new hybrid models globally by 2031, focusing on larger vehicles for North America.
Investment in electrification and software has been cut by 30%, lowering total spending from $69 billion to $48.4 billion.
Honda still targets full electrification by 2040, with hybrid sales projected at 2.2 million units annually by 2030.