Honda is open to new alliances to reduce EV costs, says CEO

The new CEO of Honda Motor Co. said on Friday that the Japanese automaker was ready to form new alliances to make electrification profitable.

“If Honda were able to meet early through an alliance what it should be, then we would be ready to form an alliance,” Toshihiro Mibe, who took the lead in April, said at a press conference when asked how he views the world. alliances on electrification.

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Mib’s comments reflect pressure from the global auto industry to share technology and meet the demands of cleaner vehicle costs. It has taken on the lead role of Japan’s second-largest automaker, as car technology moves to electric vehicles (EVs) and autonomous driving.

(Also read: An occupied Honda Civic Type R halves after an accident in the US)

Honda and its Alliance partner General Motors Co. have said they will present two EV models jointly developed in 2024 in North America, using GM’s Ultium batteries, in 2024 and launch a series of new models that will feature a new EV platform: ‘Architecture’.

The two companies are already collaborating with autonomous vehicles and fuel cell vehicle (FCV) technology, and are exploring more ways to expand their Alliance.

Honda has said it aims to increase the EV and FCV ratio by 100% of all sales by 2040.

The price of electric vehicles, like household appliances, is declining rapidly after the products hit the market, Mibe said.

“Building the alliance will become a huge direction in terms of increasing the number of electric vehicles, given that electrification is not currently commercially viable,” he added.

Known for its high-efficiency internal combustion engines, Honda launched its first mass-production vehicle in August.

Honda could differentiate itself in the electrification race with new EV-generation batteries, Mibe said.

The head of Honda also said the automaker expects to improve the profitability of the car business next year by closing several non-viable manufacturing plants, including plants in the UK, Turkey and Japan.

(Also read: Honda is damaged: rented cars are not returned to other people’s lots)

Last year, Honda saw an operating margin of 13% on motorcycles and 1% on cars.

The company will take electrification as an opportunity to review its product line and improve profitability, adding that Honda is exploring a new digital service or business using customer data.

This story has been published without text changes from a wireless agency feed.

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