Benzinga | Apr 23, 2021 07:49AM EDT

Honda Targets Complete Electrification Of Vehicles By 2040: Reuters

* Japanese automaker Honda Motor Co Ltd (NYSE: HMC) CEO Toshihiro Mibe was targeting 100% sales in electric vehicles (EVs) and fuel cell vehicles (FCVs) by 2040 in support of the government's renewable energy drive, Reuters reports. The 2040 target also included hybrid vehicles.

* Honda estimated EVs and FCVs to generate 40% and 80% of sales by 2030 and 2035, respectively, in every major market, including North America and China.

* Japan's PM Yoshihide Suga recently disclosed its targeted 46% emission reduction by 2030 and initiatives for doubling the target.

* Mibe considered the target to be viable from the viewpoint of Japan becoming carbon neutral by 2050.

* Honda introduced its first mass-produced all-battery vehicle in August 2020.

* Honda aimed to invest around $46.3 billion (5 trillion yen) in research and development initiatives, including electrification, over the next six years, irrespective of revenue hit.

* In North America, Honda and General Motors Co (NYSE: GM) will launch two jointly-developed large-sized EV models utilizing GM's Ultium batteries in 2024. They will also introduce a series of new EV models featuring e:Architecture EV platform.

* Mibe aimed EVs and FCVs to generate 20% and 80% of sales by 2030 and 2035, respectively, in Japan.

* Honda planned to include advanced driver-assistance systems in every model across major markets by 2030.

* Price action: HMC shares closed higher by 0.63% at $30.24 on Thursday.