Honda Motor (NYSE:HMC) has announced its ambitious plan to double its investment in electrification and software development, aiming to allocate approximately $65 billion over the next decade, through the 2030 business year.

During a press conference, Honda's CEO Toshihiro Mibe revealed the automaker's intention to significantly increase its spending on electrification and software initiatives. The company plans to allocate a total of 10 trillion yen ($64.88 billion) towards these efforts over the next ten years, doubling its initial commitment made in April 2022.

The move underscores Honda's strategic shift towards embracing electric vehicles (EVs) and advancing its software capabilities to meet the evolving demands of the automotive industry. With the automotive landscape rapidly transitioning towards electrification and digitalization, Honda aims to position itself as a leader in these key areas.

This substantial investment reflects Honda's commitment to innovation and sustainability, as it seeks to develop cutting-edge technologies and solutions to address the challenges of climate change and technological disruption.

The announcement signals Honda's determination to stay ahead in the competitive automotive market by accelerating its transition towards electric mobility and enhancing its software-driven capabilities.

Explore more about Honda's electrification and Stock Price Target here with the API!