The company said on Tuesday it would budget eight trillion yen (about US$64 billion, A$85.8 billion) for R&D in the next 10 years, with five trillion yen of that set aside for electrification and software.

The announcements were made during a media briefing in Tokyo on Tuesday, addressed by Toshihiro Mibe, director, president and representative executive officer; Kohei Takeuchi, director, executive vice-president and representative executive officer; and Shinji Aoyama, senior managing executive officer.

The company also said it would build a demonstration line for production of all-solid-state batteries, investing 43 billion yen, and step up research to start production in spring 2024.

North America: Honda will procure Ultium batteries from GM. Separately, aside from GM, Honda is exploring the possibility of creating a joint venture company for battery production.

China: Honda will further strengthen collaboration with CATL.

Japan: Honda will procure batteries for mini-EVs from Envision AESC.

In the second half of this decade, the Japanese auto giant said would introduce products specifically aimed at each region:

North America: In 2024, Honda will introduce two mid- to large-size EV models currently being developed jointly with GM. (Honda brand: All-new Prologue SUV, Acura brand: an EV SUV model.)

China: Honda will introduce a total of 10 new EV models by 2027.

Japan: In early 2024, Honda will first introduce a commercial-use mini-EV model at the 1-million-yen price range. Then, Honda is planning to make the timely introduction of personal-use mini-EVs and EV SUVs.

But Honda also pledged to continue producing hybrid models. "By no means is this the end of hybrids and the replacement of all hybrids with EVs," Mibe said. "We will develop our current hybrids and use them as a weapon in our business."