Japanese carmaker, Honda is revamping its business as it looks to accelerate its EV business in the market. The carmaker announced that it would set up a new division and consolidate operations to accelerate EV deployment.
Japanese automakers are lagging as the auto industry progresses to fully electric vehicles. Starting in April, Honda will make key administrative and functional changes to accelerate its electric mobility business while also improving value for its shareholders.
To further intensify its strategy, Honda plans to reorganise its regional operations, streamlining them into three key markets. The new structure will have three regional operations instead of six, including North America, China, and associate regions, which groups together Japan, Asia, and South America with the Europe, Africa, and Middle East markets.
In a statement, Honda said it is looking to “transform itself through electrification” and strives to become “even more recognised as a company society wants to exist in the electrified era.”
Honda unveiled its first electric SUV last October called the Honda Prologue, which will be developed in association with GM. The Prologue is set to debut next year globally as the company works toward achieving carbon neutrality by 2050.
