Benzinga | Feb 19, 2021 01:14PM EST

Honda Appoints Japan R&D Head Toshihiro Mibe As New CEO: Bloomberg

* Honda Motor Co Ltd (NYSE: HMC) has promoted its Japan R&D head Toshihiro Mibe as the CEO, Bloomberg reports.

* Mibe will succeed Takahiro Hachigo, who will retire from the company as a director at the June annual meeting. Mibe will become the President effective April 1.

* Honda is also battling the global chip crisis like the other automakers, including Volkswagen AG (OTC: VLKAF) (OTC: VLKPF). The Japanese automaker intends to electrify two-thirds of its global car sales by 2030 as it struggles to fund the electric and driverless car technologies while sustaining its gas-powered car sales.

* The company shut down domestic and international factories, forged a partnership with General Motors Co (NYSE: GM), and quit Formula One racing to focus on its EV target.

* Price action: HMC shares are down 0.66% at $28.51 on the last check Friday.