Iconic car brand ‘axes plans for new EV & slashes plans on electric car spending' as firm ‘shifts focus'
It comes as a struggling motor industry is second guessing its roadmap toward full electrification.
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2
Honda has axed plans for a new EV and slashed its electric car spending
Credit: Getty
2
The brand has also slashed its spending on EVs
Credit: Getty
Honda has pulled the plug on developing some future models including cancelling plans for a large electric SUV.
It was due to launch in 2027 but according to new reports, development for the model has now been halted.
In addition, the brand has slashed how much it plans to spend on EVs through 2030.
Honda will cut EV-related funding from $68.6 billion to $48 billion.
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Read more Motors news
The company is reportedly shifting its focus toward building more hybrids which are already in development for the US.
But plans remain to launch their flagship electric sedan and midsize SUV EVs which were showcased earlier this year.
Those models are scheduled to arrive next year.
Honda also has plans to launch seven EVs by 2030 but it's not yet clear how many of those are still in development.
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Exclusive
The scale back comes as motor companies have come to realise their EV plans don't align with consumer demand in the last six to nine months.
Some have starting closing the purse strings on EV investments as a result.
Moment iconic car maker enters space race after launching reusable rocket
Lotus cancelled its proposal to go fully electric in November 2024, instead focusing on hybrids like Honda with many other companies heading in the same direction.
Porsche also announced it would shift to offering more hybrid options after admitting it would not meet its initial goal of 80% fully electric sales by 2030.
Advertisement
Nissan scrapped plans for a small electric SUV in January and Mini said it wouldn't be abandoning petrol engines anytime soon.
Even Volvo has admitted defeat in achieving its EV plans.
Elsewhere, motor companies are also trying to keep the combustion engine alive.
BMW insist the combustion engine is its foundation while Lamborghini is hopeful synthetic fuels will take off.
Advertisement
Meanwhile, Mercedes-Benz is looking to extend the life of its engines while Audi has announced it will build petrol engines for another 10 years.
News of Honda's EV scale back comes as the
Honda's Super EV concept is due to appear at the Goodwood Festival of Speed this weekend.
The
set to include a new EV platform, batteries and motor, giving the
a significant upgrade
.
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