When Toshihiro Mibe took over as Honda Motor Co.’s chief executive officer last year, he did so with a bang, promising to achieve carbon neutrality by 2050 and phase out gasoline-powered car sales by 2040, becoming Japan’s first automaker to say as much.

Now, he’s backing that with numbers. Honda will spend ¥5 trillion ($40 billion) on its push into electric vehicles over the next decade in order to introduce 30 EV models by 2030 with a production volume of more than 2 million vehicles a year.

"We can no longer envision the future by drawing a straight line forward from our autos business as it exists today,” the CEO said in an interview after unveiling his spending plans. "Within this broad-scope image, we’re making significant progress.”