Honda said it would pour $40bn into electric vehicles over the next decade, but stopped short of throwing its full weight behind battery-powered vehicles as it bet that its hybrid cars would dominate in the near future.
While the company became Japan’s first automaker to declare the phaseout from gasoline cars last April, Honda has only one EV model in the market, trailing Volkswagen and other global players.
It said on Tuesday it would rely on its hybrid models with a petrol-electric system until the infrastructure was ready to support more EVs on the roads, in a move that follows the hedging logic of other carmakers Toyota and BMW.
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