06:48 AM EDT, 05/16/2024 (MT Newswires) -- Honda Motor Company ( HMC ) said on Thursday it plans to double its investment in electrification and software to about 10 trillion yen ($64.62 billion) over the 10 years through fiscal year 2031.

The company announced its strategies to build an EV brand, which included ensuring reliable procurement of batteries, achieving cost cuts, and improving performance before it focuses on software-defined vehicles.

The company said it will reduce the cost of the battery to be procured in North America by more than 20% by 2030 through the establishment of a vertically integrated EV value chain with a central focus on batteries.

Additionally, the company also plans to reduce the production cost by about 35%.

The company plans to roll out the first battery-powered model of "Honda ( HMC ) 0 Series" in North America by 2026.

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