Honda Motor to Ramp up Electric Motorcycle Production

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Honda Motor to Ramp up Electric Motorcycle Production

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Japanese automaker Honda Motor [7267:JP] announced a plan to release more than ten electric motorcycle models globally over the next three years, as reported by Reuters on September 13. The company has set a goal to achieve carbon neutrality for all its motorcycles by the 2040s. Honda Motor aims for annual sales of 1m electric motorcycles over the next five years and 3.5m electric motorcycle sales per year by 2030, accounting for 15% of the company’s total sales. However, Honda acknowledged that shifting to electric models means potentially heavier vehicles and higher prices, presenting challenges to the electric models’ promotion in developing economies where motorcycles are popular for their relatively low prices.

Boosting electric motorcycle production is part of Honda’s plan of phasing out sales of petrol vehicles by 2040 before it achieves net-zero emissions in all its products and corporate activities by 2050. In April, the Japanese automaker also pledged a JPY5tr (USD40bn) investment in developing electric vehicles (EVs) over the next decade, with plans to roll out 30 EV models globally by 2030 with an annual output of more than 2m units. Moreover, Honda is also committed to decarbonizing its value chain. Last November, the firm asked its major auto parts suppliers to reduce carbon dioxide emissions annually by 4% compared to 2019 levels, aiming to have its suppliers realize net-zero emissions by 2050.

Sources:

https://www.reuters.com/business/autos-transportation/honda-accelerate-electric-motorcycle-sales-meet-carbon-target-2022-09-13/

https://asia.nikkei.com/Business/Automobiles/Honda-sets-net-zero-CO2-target-by-2050-for-whole-supply-chain

https://asia.nikkei.com/Business/Automobiles/Honda-to-invest-40bn-in-EVs-as-it-aims-to-go-all-electric-by-2040

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