On November 5, 2022, Honda Motor Co. of Japan announced the second model of its new electric vehicle (EV) portfolio that will exclusively be sold in China, aiming at capturing the rapidly expanding battery-driven car industry in the largest auto market globally.
The Japanese manufacturer announced in 2021 that it intended to release EVs over the following five years under a new brand, “e:N Series”, alongside partners GAC and Dongfeng Motor. In April 2022, it started offering the first model for sale in China. Honda is establishing itself as an electric brand in China with a range of exclusive and varied electric mobility goods. The market size of electric cars in China increased significantly in 2022 over that in the previous years, according to GlobalData.
Keeping up with competitors such as Tesla Inc., which made headway in the EV industry, is a major concern for Honda and its major Japanese competitors Toyota Motor Corp. and Nissan Motor Co. Honda set a goal earlier in 2022 to launch 30 EV models globally and produce about two million EVs annually by 2030. Honda announced in 2021 that starting in 2030, it would solely produce battery-electric, hydrogen fuel-cell, or petrol-electric cars in China. Its two joint ventures, GAC-Honda and Dongfeng-Honda, intend to construct brand-new assembly factories that will only produce EVs starting in 2024.
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