Honda's Electric Vehicle Strategy and Expansion

Honda has aggressively expanded its electric vehicle (EV) offerings in China with the introduction of the 'Ye' brand, signifying its third distinct EV brand in the world's largest EV market The new brand will feature six models by 2027, including the Ye GT slated for mass production in 2025, and the soon-to-arrive Ye P7 and Ye S7, both expected to hit the market by the end of the current year While the Ye P7 is to be produced by the GAC Honda joint venture, the Ye S7 will come from Dongfeng Honda. This move is aligned with the company's prior initiatives, such as the establishment of the all-electric brand e:N and the unveiling of the Lingxi brand aimed at younger demographics, with the Lingxi L concept car already showcased, and reaffirms Honda's dedication to conquering the competitive Chinese EV landscape Concurrently, in North America, Honda accelerates its electric ambitions through advancements in the construction of its 'Honda EV Hub' in Ohio, targeting a commencement of production by late 2025, ahead of its initial schedule A strategic investment of $700 million and recruitment of 300 associates are underway to evolve its Marysville Auto Plant, East Liberty Auto Plant, and Anna Engine Plant into pivotal centers for EV manufacturing. This includes a flexible production strategy at the Marysville Auto Plant for both combustion and electric vehicles to stay adept in meeting market trends.