TOKYO—Japan’s Honda Motor Co. Ltd. plans to spend $64 billion on research and development over the next decade, the company said on Tuesday, laying out an ambitious target to roll out 30 electric vehicle models globally by 2030.
Its goals include producing some 2 million electric vehicles a year by 2030, aiming to gain share in the fast-growing market for electric vehicles while Japanese automakers risk falling behind European and U.S. rivals.
“As far as resource investments over the next 10 years go, we’re going to invest about 8 trillion yen in research and development expenses,” said Honda Chief Executive Toshihiro Mibe, referring to the equivalent to $64 billion.
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