Honda Continues Its EV Push With Attempt To Rejuvenate Its Positioning In China

Upwallstreet

April 16, 2024

Honda Motor Co Ltd (NYSE:HM) has lagged its European, U.S. and even Chinese competitors in ramping up its EV efforts in attempt to join Tesla Inc (NASDAQ:TSLA) and BYD Company Limited (OTC:BYDDY) in the all-electric race.But on Tuesday, Japan's second-biggest car maker announced its latest effort to regain its relevance in the world’s greatest EV market.

Honda Unveils A New EV Brand In China

On Tuesday, Honda revealed it will be launching six next-generation EVs in China by 2027. In addition, Honda is also planning to roll out a total of 10 Honda-brand EV models in China within the same time frame, to ensure its automobile sales in China consist entirely of EVs by 2035. Honda’s new EV brand has been named Ye.

Honda and Nissan could team up to make it in the EV world.

Last month, Honda and its Japanese rival, Nissan Motor Co Ltd (OTC:NSANY) revealed they are considering to enter a strategic partnership for key components and software in response to their Chinese EV competitors who have ramped up their EV efforts while Japanese automakers remained in the slow lane by focusing on hybrids. Also today, Nissan revealed it plans to begin mass-producing next-generation EV batteries by early 2029. Also, Nissan will join Tesla by adopting the manufacturing process that the EV king pioneered, called gigacasting, to make part of its EVs. In other words, Nissan is looking up to Tesla and its style of EV making to build cheaper EVs. By the end of 2026, Nissan is aiming to lower the cost of EV making by 30%, compared to 2023’s cost. Back at the end of March, Nissan also announced it will be launching of 30 new models within the next three years, with 16 among them being electrified.

The story Honda’s global EV journey is being written.

Back in January, Honda kicked off the year by unveiling its "Honda 0 Series" EVs and two concept models at the CES trade show in Las Vegas. The new EV series for global markets will be launched in 2027, beginning with North America. Honda decided to develop its newest series with a new approach that is thin, light and wise. Honda is aiming high by promising an artistic design, safety and peace of mind, IoT, the joy of driving and outstanding EV performance. But only time will tell if Japanese automakers can make up for the lost time they spent focusing on hybrids and catch up to Tesla and their other EV rivals in China.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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