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Honda will double its investments in electric vehicles and software

Honda is sticking to its strategy to focus more on electric vehicles in the coming years, the company’s chief said Thursday, despite a recent slowdown in sales in several markets that may cloud the demand outlook.

The automaker had planned to invest ¥5 trillion ($32.3 billion) in electric vehicles and software over the decade through March 2031, but in an indication of its commitment, Honda now plans to invest ¥10 trillion by then to spend.

Although demand for battery EVs appears to have leveled off recently, “we have not changed the view that EVs are the best solution (for achieving carbon neutrality). … In the longer term, we are confident that the shift to electric vehicles will certainly happen,” Honda CEO Toshihiro Mibe said at a press conference.

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