TOKYO, Nov. 5 (BNA) – Japan’s Honda Motor Co. (7267.T) unveiled the second model of its new China-only electric vehicle (EV) lineup on Saturday, targeting the fast-growing battery-powered vehicle segment in the Middle East. The largest car market in the world.
The Japanese automaker said last year that it plans to roll out EV models under a new brand called “e:N Series” over the next five years with its partners GAC (601238.SS) and Dongfeng Motor (0489.HK). Reuters reported that it began selling the first model in China in April.
“Honda is transforming itself into an electric brand in China with a series of unique and diversified electric mobility products that only Honda can offer,” Honda CEO Toshihiro Mibe said in a statement.
The main challenge facing Honda and its major Japanese counterparts, Toyota Motor Corp (7203.T) and Nissan Motor Co (7201.T), is catching up with competitors like Tesla Inc (TSLA.O) who have advanced in the EV segment.
Honda set a goal to roll out 30 electric vehicle models globally and produce about 2 million electric vehicles annually by 2030 earlier this year.
Last year, it said it would only introduce electrified car models in China after 2030, including electric cars powered by batteries, hydrogen fuel cells or gasoline-powered cars.
Its joint ventures, GAC-Honda and Dongfeng-Honda, plan to build new assembly plants for electric-only vehicles which are expected to begin production in 2024.
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