Honda announced on May 16 that it will invest approximately 10 trillion yen into the research and development of electric vehicles across the 10-year period from 2020 to 2030.

S/ Honda President Mibe Toshihiro/ Appropriate timing and strategic investments are essential to actualize the electrifying strategy.

Honda had previously said that it would “invest approximately 5 trillion yen over the next 10 years” in the research and development of EVs, but this announcement doubles that amount.

According to multiple sources, Honda, Toyota, and Nissan are considering working together to develop software for automotive application.

The Japanese companies aim to unite and spearhead development in the globally competitive EV market.

The Ministry of Economy, Trade and Industry plans to meet next week to discuss EVs and support these cooperative efforts.