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Honda developing three new electric vehicle platforms by 2030

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  • Honda Motor plans to build millions of electric vehicles (EV) by 2030.
  • Honda’s global head of electrification says firm will introduce electric mini commercial vehicle in Japan in 2024.
  • He says Honda has agreed to use General Motor’s next-generation Ultium battery.

Honda Motor plans to build millions of electric vehicles (EV) by 2030 using three new dedicated platforms, with one to be jointly developed with US partner General Motors, a top executive at the Japanese automaker said.

Shinji Aoyama, Honda’s global head of electrification, told Reuters on Thursday the firm will introduce an electric mini commercial vehicle in Japan in 2024, built on a new small EV platform. This will be followed by a full-size electric model in North America in 2026, on a new large platform.

Both platforms will be used for other models.

Speaking in a video call, Aoyama said a third platform, which he described as “medium-size”, will be shared with General Motors starting in 2027.

The two companies in early April said they would jointly develop “affordable electric vehicles” for global markets, but released few other details.

“Whether they will be based on Honda’s architecture or on GM’s platform has not been decided,” Aoyama said.

“We have not decided which plants (or) what will be produced,” he added. “But we are going to share the bill of process” for manufacturing “to enable the cars to be produced at either” Honda or GM plants.

GM is building two premium electric SUVs for Honda in North America, starting in 2024, based on the dedicated EV platform that underpins GM’s Cadillac Lyriq. 

Aoyama said Honda has agreed to use GM’s next-generation Ultium battery, though the specifications have not been finalized. But the Japanese automaker has no plans to participate in GM’s Ultium battery joint venture with South Korea’s LG Energy Solution, he said.

Honda has said it plans to build two million electric vehicles globally by 2030, including the mid-size models being developed with GM.

Aoyoma said Honda is targeting North American production of 750,000-800,000 electric vehicles in 2030, and about the same in China, with another 400,000-500,000 in Japan and other markets.

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The KSE-100 Index rises following a sharp decline in the previous session.

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The government is considering filing a treason case under Article 6 against PTI founder Imran Khan, former president Arif Alvi, and former deputy speaker Qasim Suri. On Tuesday, the KSE-100 Index was up more than 1.3% during early trading, following a day of roughly a 2 percent loss due to growing political unrest and the potential banning of the party.

However, the benchmark index of the Pakistan Stock Exchange was trading at 79,074.63 by 11:49 a.m., having gained 535.45 points, or 0.68 percent, after reaching an intraday high of 79,578.04.

Market analysts said that political tensions were the primary cause of the KSE-100’s earlier Monday decline of 1578.71 points, or 1.97 percent.

They did point out, though, that a correction was a reasonable reaction to the protracted upswing that allowed the benchmark mark index to reach 81,839.86 on July 18.

As a result of interest rate cuts and the possibility of another IMF program, the Pakistan Stock Exchange has gained 22.97 percent so far this year. The cycle began on June 10 with a 1.5 percent decrease in borrowing costs.

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In interbank trade, the US dollar crushes the Pakistani rupee.

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During interbank trade on Tuesday, the US dollar’s value increased by 15 paisas, reaching Rs 278.45.

It is important to remember that Fitch Business Monitor International expressed concern about the possibility that Pakistan’s economic stability may be jeopardized by the ongoing political unrest.

The fragile situation of Pakistan’s economic recovery was emphasized by Fitch in its most recent Pakistan Country Risk Report, which also noted that economic activity has been impeded by urban protests.

(PTI),In spite of multiple successful judicial appeals, the founder of Pakistan Tehreek-e-Insaaf (PTI) is expected to stay behind bars, the article notes, underscoring the fragile political environment.

With no urgent plans for new elections, this scenario suggests that the coalition administration will remain in office for the next 18 months.

Fitch also described an eventuality in which the government could change and be replaced by a technocratic administration. This suggests that the government of Pakistan would carry out the reforms demanded by the IMF, contributing to the 3.2% GDP growth expected in 2024–2025.

The policy rate has stabilized above projections, while the research predicted it may reach 16 percent this fiscal year and 14 percent the following year.

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Pakistan’s gold prices per kilogram dropped.

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When 24-karat gold dropped by Rs. 500 to Rs. 250,500 per tola on Tuesday, the price of gold fell once again on both the local and international gold markets.

By Rs429 to Rs214,763, 10 grams of gold cost less, according to the Gold Sellers Association.

Gold’s price per ounce dropped to $2391 on the international market by $11.

At Rs2920 per tola, the price of silver did not change.

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