Shinji Aoyama, Honda's global head of electrification, told Reuters on Thursday the firm will introduce an electric mini commercial vehicle in Japan in 2024, built on a new small EV platform.
The City e:HEV electric-hybrid system uses three driving modes - EV Drive, Hybrid Drive and Engine Drive, along with regeneration mode during deceleration.
Honda`s overall R&D expenses budgeted for this period will be approximately 8 trillion yen out of which approximately 5 trillion yen will be allocated for electrification and software technologies to further accelerate its electrification.
Honda Motor Co. said on April 12 it will invest about 8 trillion yen ($63 billion) over the next 10 years in the research and development of electrified vehicles.