Honda Motor Co Ltd (7267) said earlier this week that it would launch a new electric vehicle brand in China in 2022 and would introduce only battery electric, hydrogen fuel-cell or petrol-electric hybrid vehicles in the Asian country from 2030.
The name of the new brand will be “e:N Series”, the company said, while its plans envisage rolling out 10 models with partners GAC and Dongfeng Motor over the upcoming five years.
The planned new models will utilize a new vehicle operating system and are being developed based on an auto product platform, designed for electric vehicles, Honda said.
The company’s two joint ventures, GAC-Honda and Dongfeng-Honda, intend to establish new EV-only assembly facilities, at which production is expected to begin in 2024.
Honda also said it would establish an e:N Series section in all its existing retail stores and that it intended to set up dedicated e:N Series retail stores over time.
At present, the Japanese auto maker has about 1,200 Honda brand stores.
The shares of Honda Motor Co Ltd closed higher for a second consecutive trading session in Tokyo on Friday. It has also been the sharpest single-session gain since October 11th. The stock went up 1.37% (JPY 47.0) to JPY 3,477.0, after touching an intraday high at JPY 3,484.0. The latter has been a price level not seen since October 12th (JPY 3,499.0).