Honda aims to establish electric car battery plant in India
Updated:7 years, 10 months ago
New Delhi, Dec 25 (ANI): Japanese multinational Honda Motor Co. Ltd intends to set-up a lithium ion battery manufacturing unit in India. It attempts to profit from the proliferating and potentially lucrative electric vehicle (EV) opportunity in the country. The Indian subsidiary of Honda Japan is in the process of devising an EV strategy in line with the Prime Minister Narendra Modi-led government’s mission to switch to all-electric cars by 2030. The idea is to reduce greenhouse gas emissions as part of the global agreement on climate change. Next in action will be to identify the type of electric vehicles the company would want to make locally. Honda aims to comprise 65% of the company’s overall sales with electric cars by 2030. Presently, the Indian unit is Honda’s fourth largest after those in the US, China and Japan, with regard to total vehicle sales. Earlier this year, Honda Motor settled to form a joint venture with Hitachi Automotive Systems Ltd to develop motors for electric vehicles. Hitachi is said to own a 51% stake in the joint venture company while Honda will own 49%.
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