Honda Motor Co. plans to spend ¥8 trillion ($64 billion) on research and development over the next 10 years as it aims to roll out more than 30 electric vehicle models globally by 2030.
The targets, laid out at a company briefing Tuesday, mark a push by the automaker to ramp up in the fast-growing market for electric vehicles, where Japanese carmakers have risked falling behind new entrants such as Tesla Inc., as well as traditional European and U.S. rivals.
Honda also said it plans to produce some 2 million electric vehicles a year by 2030. The bulk of the investment would be in electrification and software technologies, Honda said.