Image source: Photo.com
At present, the trend of electrification in the automotive industry is irreversible. With the increasing environmental awareness and technological advancement, more and more car manufacturers are turning to the production of electric vehicles. The government is also promoting the development of electric vehicles, promoting the adoption of electric vehicles through policies such as subsidies and reduced emission standards. In addition, the cost of electric vehicles is gradually decreasing, and the construction of charging facilities is also constantly improving, making electric vehicles more convenient and practical.
On May 16, Honda CEO Mibe Toshihiro said that Honda will invest 10 trillion yen (about 462 billion yuan) by 2030 in efforts to transition to electrification. This figure is double the 5 trillion yen that Honda pledged in April 2022. Honda also plans to reduce the manufacturing cost of electric vehicles by more than 30 percent and plans to reduce battery procurement costs in North America by 20 percent as part of the company's latest business plan.
By 2030, Honda will launch a total of seven new EV models around the world, and plans to have EVs and fuel cell vehicles account for 40% of its global sales and produce more than 2 million EVs by the same time, Mibe said. "Our goal is to make electric vehicles with better software than the cars on the market today," he said. ”
With the rapid development of China's new energy vehicle industry, continuous technological innovation, and declining automobile costs, the competitiveness of domestic car companies has been continuously enhanced, which has put pressure on traditional joint venture brands, and their living space has been continuously squeezed. Honda is looking to regain market share in China, where they have been losing out to domestic EV makers. In the eyes of discerning Chinese consumers, domestic EV manufacturers are better able to cater to their specific tastes. This has increased the operational pressure on traditional Japanese automakers, and Honda plans to cut full-time employees at its plants in China due to declining sales.
In terms of other plans, Honda will launch two models under the Ye brand in China later this year, aiming to achieve all-electric products by 2040. The company aims to achieve sales of about 1 million hybrid vehicles this year and lay the foundation for an annual production capacity of 2 million units.
Looking back at the development of the global electric vehicle industry from the "Honda Vehicle Electrification Development Plan":
-- The number of electric vehicles in the world
From 2017 to 2020, the number of electric vehicles in the world is on the rise. In 2020, there were about 10 million electric vehicles in the world.
- Global sales of electric vehicles
According to data released by EV Sales, global electric vehicle sales are growing rapidly, thanks to the excellent performance of the United States, Europe, and especially China. In 2020, global electric vehicle sales hit a record high, with more than 3.24 million units delivered, a year-on-year increase of 43%, continuing the rapid year-on-year growth in 2019, which in turn contributed to the global electric vehicle sales accounted for 4.2% of global vehicle sales.
According to the IEA's Global Electric Vehicle Outlook report, global electric vehicle sales reached 6.6 million units in 2021.
-- Global electric vehicle penetration forecast
Bank of America Global Research predicts that the global penetration of all electric vehicles, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), will rise from 23% to 67% between 2025 and 2040.
The International Energy Agency (IEA) released its latest Global Electric Vehicle Outlook report, predicting that by 2024, more than one-fifth of all cars sold worldwide will be electric. The surge in demand for electric vehicles over the next decade will reshape the global automotive industry and significantly reduce oil consumption on road transport. The report predicts that global electric vehicle sales will continue to grow strongly in 2024, reaching about 17 million units by the end of this year.
The International Energy Agency (IEA) reports that two-thirds of cars sold will be electric by 2035 if all announced energy and climate commitments are met as scheduled. In this scenario, electric vehicles could reduce the demand for about 12 million barrels of oil per day, which is equivalent to the total demand for road transport in China and Europe at the moment.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Global Electric Vehicle Industry Development Prospect and Investment Forecast Analysis Report" by Qianzhan Industry Research Institute.
At the same time, the Prospective Industry Research Institute also provides solutions such as industrial big data, industrial research reports, industrial planning, park planning, industrial investment, industrial mapping, smart investment promotion system, industry status certificate, IPO consulting/fundraising and investment feasibility study, and specialized and special new small giant declaration. To quote the content of this article in any public information disclosure such as prospectus and annual report, formal authorization from Qianzhan Industry Research Institute is required.
More in-depth industry analysis is available in the [Prospective Economist APP], and you can also communicate and interact with 500+ economists/senior industry researchers. More enterprise data, enterprise information, and enterprise development are all in the [Qichamao APP], the most cost-effective and most comprehensive enterprise query platform.