Honda Accelerates Hybrid and EV Investments Amid Soaring Profits

Japanese automaker Honda reports a significant profit increase, leveraging strong hybrid sales to boost R&D in electric vehicles.

Honda's operating profit surged by 77% to 1.38 trillion yen in the fiscal year ending March 2024, driven by robust vehicle sales and a weak yen.
The company plans to ramp up its investment in electric vehicles, including a $11 billion initiative to develop its EV supply chain in Canada.
Honda aims for all sales in North America to be electric by 2040, with a strategy to produce 2 million hybrids annually by 2030.
Share buybacks announced as Honda commits to returning value to shareholders, with a planned repurchase of up to 300 billion yen.
Despite a global slowdown in EV adoption, Honda’s strategic focus remains on expanding its hybrid models while transitioning to electric vehicles.