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Honda is done standing by while rivals like Tesla and BYD steal market share. To stay competitive, Honda is doubling its investment in EVs to $65 billion (10 trillion yen) through 2030. The plans include slashing costs and launching seven new electric models.

Honda doubles its investment in EVs to $65 billion

CEO Toshihiro Mibe laid out the automaker’s new strategy Thursday, claiming Honda has not “changed its belief that EVs are the most effective solution.”

Honda believes it can compete in the small electric vehicle and motorbike segment. In the long term, Honda is confident that EV adoption will continue to rise. The company wants to take advantage of the “period of EV popularization,” which will happen in the second half of the 2020s.

To do so, Honda will introduce new EVs, establish a comprehensive supply chain (including batteries), and advance EV technology and facilities.

Through its new strategy, Honda aims for a 5% return on sales for its EV business in 2030, aiming to make it self-sustaining.

Honda’s new 0 series is expected to play a key role. Two new concepts, the Saloon and Space-Hub, were unveiled at CES in January.

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Honda Saloon and Space-Hub concepts (Source: Honda)

The Saloon is set to become Honda’s new flagship EV with a model very similar to the concept launching in 2026. It will launch in North America first ahead of its global rollout.

Following the Saloon, Honda plans to launch seven EV models globally, from small to large. In China, Honda will introduce ten new EVs by 2027, representing 100% of auto sales in the region by 2035. It also unveiled its new “Ye Series” EVs to take on Chinese automakers like BYD.

Honda will launch a series of smaller EVs, starting with the N-Van e, a commercial mini EV. After it goes on sale in Japan this fall, Honda will introduce a series of small-size EVs in the region where needed. This will include personal mini-EV models in 2025.

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Toshihiro Mibe, Global CEO of Honda, unveils the Honda 0 Series and new concept models Saloon and Space-Hub (Source: Honda)

Building an EV supply chain for the future

Regarding its supply chain, Honda will start by strengthening its partnerships for lithium-ion batteries while holding costs down. Starting in mid-2020, Honda will begin producing batteries with its JV partners.

In the US, Honda’s JV plant with LG Energy Solution will begin production with up to 40 GWh battery capacity annually. The lightweight and compact battery packs will be used for its 0 series EVs.

In the second half of the decade, Honda plans to further expand its battery business by building a vertically-integrated supply chain.

To do so, Honda will begin in-house production with GS Yuasa for EV batteries. Honda also plans to secure battery materials in Canada, like cathode materials from POSCO Future M and separators from Kasei at new JV plants.

Honda-investment-EVs
(Source: Honda)

By 2030, Honda aims to reduce the cost of EV batteries built in North America by over 20% compared to current costs. Honda already has enough secured to produce around 2 million EVs planned in 2030.

Honda aims for EVs and FCEVs to account for 40% of global auto sales in 2030 and 100% by 2040.

Electrek’s Take

Despite the recent “EV slowdown” the media continues to report, several automakers are increasing their investments now as they look toward the future.

Honda is the latest, joining Toyota, which has made a series of investments in new EVs, including a large electric SUV for the US and next-gen battery tech.

Although Japanese automakers have been laggards in the industry’s transition to EVs so far, with Ford, GM, VW, and others pulling back, could they turn things around? That’s what Honda (and Toyota) hope for with new investments in EVs.

Meanwhile, Honda and Toyota’s EV sales share is currently well under that of their rivals. While Toyota’s EV sales share is around 1%, many automakers are already achieving double-digit or 100% EV sales.

Will the new investments be enough? Drop us a comment below to let us know your thoughts.

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Tesla Robotaxi launch news hub and watch party

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Tesla Robotaxi launch news hub and watch party

Tesla is holding its ‘We, Robot’ event today, which is expected to be the launch of its new Robotaxi, a vehicle dedicated to self-driving.

Here, you will find our news hub for the event, which will contain all the most important information about the event and our watch party.

Before being called its ‘We, Robot’ event to “unveil the future of autonomy”, Tesla called today’s 10/10 event the “unveiling of its Robotaxi”.

The Tesla Robotaxi is a vehicle that CEO Elon Musk has been talking about for the past two years.

Since 2016, Musk claimed that all Tesla vehicles built from then on would be capable of full self-driving capabilities through future software updates enabling owners to use them as “robotaxis”.

That has yet to happen and Musk made some owners worried when he started talking about Tesla building a new vehicle dedicated to self-driving: the Robotaxi, which is also sometimes referred to as the Cybercab.

This unveiling event is not only going to be interesting as our first official look at Tesla’s new vehicle, but many Tesla owners and shareholders want to know how this new dedicated vehicle fits into Tesla’s self-driving effort.

The vehicle itself is expected to be a two-seater with butterfly wing doors, no pedals or steering wheel, and have a design inspired by the Cybertruck.

Considering the event is about autonomy, we expect Tesla to also give an update about Optimus, its humanoid robot, at the event.

There could also be a surprise unveiling of Tesla’s upcoming new vehicles, like the next-gen Roadster or two cheaper vehicles based on Model 3 and Model Y.

Tesla is holding the event on Warner Brothers’ studio lot in Los Angeles, which has non-public streets. Some have speculated that Tesla is holding the event there to do some self-driving demos without getting a self-driving permit, which the automaker has avoided getting in California for years.

The event is set to start at 7 PM local time or 10 PM ET, and it will be live-streamed here:

Here’s our Tesla Robotaxi unveiling news hub, where you can find our articles about the most important news that comes out of the event (refresh the page for more stories):

We are also hosting a very informal watch party with myself, Fred Lambert, and Jamie Dow. Some other Electrek staff members might join too.

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Rivian’s R1T is getting a new solar-powered tonneau cover ‘to go further’ and ‘do anything’

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Rivian's R1T is getting a new solar-powered tonneau cover 'to go further' and 'do anything'

Rivian’s (RIVN) electric pickup is getting unique new accessories. Worksport (WKSP) is releasing aftermarket accessories for the Rivian’s R1T, including its solar-powered SOLIS tonneau cover.

Known for its tonneau covers for trucks, Worksport is quickly expanding its lineup. The company announced plans to develop aftermarket accessories specifically for the Rivian R1T this week.

Worksport said its existing tonneau cover lineup, fitted for the Rivian R1T, is almost complete. The covers are designed to improve efficiency, protect the vehicle against outside elements, and provide a safe space to store stuff.

Building on its existing products, Worksport claims its SOLIS is “the world’s first folding solar tonneau cover.”

According to Worksport, the solar-powered truck bed cover can provide up to 650 watts of clean energy.

Combined with its COR battery system, Worksport’s SOLIS cover can harness solar energy and store it for later use. The bundle could be used to upgrade your next camping trip, work site, or anywhere off-grid.

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Rivian R1T (Source: Rivian)

Rivian R1T to get a new solar-powered tonneau

Worksport claims that, with expected Level 2 charging capabilities, the solar cover will be able to act as a last-mile range extender.

Steven Rossi, Worksport’s CEO, said, “Rivian owners deserve an exceptional bed cover and power system to go further and truly do anything.”

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Rivian R1T electric truck (Source: Rivian)

The company said its SOLIS solar-powered tonneau cover will be made at its West Seneca, NY, production facility, where it manufactures current accessories.

Rivian’s R1T is not the only electric truck set to get Worksport’s solar-powered tonneau cover. In February, Worksport announced it was developing a solar and battery storage system for Ford’s F-150 Lightning.

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Rivian EV production at its Normal, IL plant (Source: Rivian)

After delivering another 10,018 vehicles in Q3, Rivian’s deliveries reached 37,396 through the first nine months of 2024.

Rivian aims to deliver between 50,500 and 52,000 vehicles this year, slightly higher than the 50,122 handed over last year. The EV maker will launch its smaller, more profitable R2 in early 2026 as it expands into new markets.

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Tesla Giga Berlin worker council gets a win as 500 temp workers are made permanent

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Tesla Giga Berlin worker council gets a win as 500 temp workers are made permanent

Tesla has announced that it will permanently hire 500 temporary workers at Gigafactory Berlin, a win for the local worker council.

Tesla made the announcement today (via Reuters)”

Tesla on Thursday said it would give permanent jobs from Nov. 1 to 500 temporary workers at its German gigafactory near Berlin, in what the U.S. electric carmaker called an “optimistic assessment of the further development of e-car production”.

The move was made at the request of the worker’s council at Gigafactory Berlin.

In Germany, there’s a sort of union structure where employees form local worker councils to negotiate management. They are not necessarily linked to a broader union, but unions can be influential within a worker’s council.

Earlier this year, a majority of Tesla Gigafactory Berlin workers voted against union representatives of IG Metall in their new work council, but the union has still made significant progress securing about 40% of the seats on the council.

Tesla. which is notoriously anti-unions, made sure to let everyone know that IG Metall had nothing to do with this decision to permanently hire 500 current temporary workers.

It’s more about the company’s confidence in its business. Tesla said:

At a time when many companies are talking about job cuts and plant closures, the news that a further 500 people will be offered a long-term perspective at Tesla in a permanent position is particularly pleasing.

At Gigafactory Berlin, Tesla is currently only producing the Model Y for European markets. The production rate is believed to be about 5,000 units per week.

The company employs about 12,000 people at the factory.

CEO Elon Musk said earlier this year that Tesla might bring production of the Tesla Semi, its electric class 8 truck, at the factory for European distribution.

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