With EVs, Honda may be North America's most committed automaker, for the moment

Legacy automakers have scaled back EV production goals as electric vehicle sales growth slows: according to Kelley Blue Book, EV share of total new-vehicle sales in Q1 was 7.3%, a decrease from Q4 2023.

As the auto industry attempts to time its years-long, sprawling shift away from combustible engines to electric vehicles, some legacy car makers are playing up hybrids as a waystation along what is now more likely to be framed as. But at least one automaker says it is ramping up its North American EV strategy in 2024: Honda Motor Company.Ford said it would delay about $12 billion in EV investments.Even as Honda commits more to EVs, its investment approach implies a hedging of bets.

"They are catching up and getting into the game for sure," said Cliff Banks, founder of the Banks Report, which analyzes automotive trends."Auto manufacturers have seen that the costs are really expensive in trying to bring viable EVs to the market," Banks said. "Basically, what they are doing is rebuilding the airplane while still flying it. Honda will feel that same cost pressure moving forward; I'd not be surprised to see them back off.

"This is not unusual in the automotive space; it is a way for them to jump in," Newman says, likening it to Toyota's collaboration with Subaru. Honda's investment in Ohio will allow for ramping up of Prologue production.The All-Electric Acura ZDX is displayed during the 2023 Los Angeles Auto Show at the Los Angeles Convention Center on November 24, 2023 in Los Angeles, California.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japanese automaker Honda revs up on EVs, aiming for lucrative US, China marketsJapanese automaker Honda is reaffirming its commitment to electric vehicles, investing 10 trillion yen, or $65 billion, through fiscal 2031. The company says that by 2030, battery EVs and fuel cell EVs will make up 40% of Honda’s global auto sales. Global production capacity will be more than 2 million EVs.
Source: AP - 🏆 728. / 51 Read more »

Honda 'steadily and surely moving ahead' on EVs, announces large investmentHonda reaffirms commitment to electric vehicles, investing 10 trillion yen ($65 billion) through fiscal 2031 to deliver EV models around the world, including the U.S. and China.
Source: therealautoblog - 🏆 528. / 51 Read more »

Honda utilizing F1 tech to cut weight in future EVsHonda expects to save around 220 pounds by utilizing F1 know-how for its 0 Series of EVs.
Source: motorauthority - 🏆 61. / 68 Read more »

Honda’s 0 Series Next-Gen EVs Will Have Thin Batteries And Light BodiesThe first three BEVs from the 0 Series range will launch in 2026
Source: Carscoop - 🏆 306. / 63 Read more »

Honda developing Tesla Model 3 rival as one of seven EVs due by 2030New Zero Series models will prioritise low weight, aerodynamics and fun handling
Source: autocar - 🏆 93. / 67 Read more »

South Korea is suspending a military deal with North Korea after tensions over North's balloonsSouth Korea’s government has approved the suspension of a contentious military agreement with North Korea, a step that would allow it to take tougher responses to North Korean provocations
Source: sdut - 🏆 5. / 95 Read more »