From Nasdaq: 2024-11-22 10:58:00

Honda Motor Co., Ltd. is advancing in solid-state battery production with a new facility in Japan. These batteries promise longer range and durability for EVs at reduced costs. Honda plans to double EV driving ranges by 2030 and increase them by 2.5 times by the 2040s, aiming for 100% electrification by 2040.

The company is investing ¥43 billion in the pilot line, with nearly half funded by Japanese government subsidies. The facility spans 27,000 square meters and will have three buildings focusing on different production stages. Honda aims to reduce battery size by 50%, weight by 35%, and costs by 25% within five years.

Honda is also strengthening its EV lineup, with the Prologue SUV performing well in the U.S. and plans for a larger SUV in 2025. The company’s ambitious goals include manufacturing over two million EVs annually by 2030 and achieving a 40% global sales ratio for EVs and fuel cell vehicles in the same year.

Honda currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the auto space include Dorman Products, Inc., Tesla, Inc., and BYD Company Limited, each with a Zacks Rank #1 (Strong Buy). These stocks are expected to see significant growth in sales and earnings in the coming years.



Read more at Nasdaq: Honda Builds Demonstration Production Line for Solid-State Batteries