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Honda accelerates along EV road under new CEO Mibe

Japan carmaker confronts investment and regulatory challenges

Honda CEO Toshihiro Mibe attends a news conference in Tokyo on April 23. The company is expanding its electric vehicle targets. (Photo by Tetsuya Kitayama)

TOKYO -- Honda Motor is accelerating its rollout of electric vehicles, responding to regulatory and consumer pressure to step away from making traditional gasoline-powered cars and compete with the likes of Tesla Motors.

Toshihiro Mibe, who took over as Honda's CEO on April 1, said on Friday that by 2030 40% of the Japanese carmaker's vehicles in major markets will be powered solely by electric batteries or fuel cells -- EVs and FCVs. By 2035, Honda expects to double this percentage to 80% and by 2040 all its cars globally will be either EVs or FCVs.

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