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Honda developing three new electric vehicle platforms by 2030

Published

2 years ago

Farwa

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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Pakistan’s gold prices are still declining; see the most recent

Published

3 hours ago

Farwa

The price of 10-gram gold reduced by Rs943 to settle at Rs207,733, while the price of gold dropped by Rs1200 to close at Rs242,300 a tola, according to the Sindh Sarafa Jewellers Association.

In the global market, the price of the precious metal fell by $10 to $2,349 per ounce, resulting in losses.

At 04:48 GMT, the spot price of gold had dropped by 0.2% to $2,354.77 per ounce. In the previous session, prices reached a two-week high.

American gold futures dropped 0.6% to $2,361.

Spot silver decreased by 0.4% to $28.03 per ounce, while palladium remained steady at $978.03 and platinum decreased by 0.1% to $992.89.

Business

Pakistan and the IMF begin talks for a new loan.

Published

4 hours ago

Farwa

Pakistan is requesting a $6 to $8 billion bailout package from the international lender over the next three to four years to address its financial troubles.

A mission team led by Nathan Porter, the IMF’s Mission Chief in Pakistan, is meeting with a Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

According to sources familiar with the situation, Islamabad may face more difficult options, such as raising power and gas bills.

Mr. Aurganzeb informed the IMF team that the country’s economy has improved as a result of the IMF loan package, and Islamabad is ready to sign a new loan programme to further develop.

The IMF mission expressed satisfaction with Islamabad’s efforts to revive the country’s struggling economy.

The IMF praised Pakistan’s economic growth in its staff report earlier this week, but warned that the outlook remains challenging, with very high downside risks.

The country nearly avoided collapse last summer, and its $350 billion economy has stabilized since the end of the last IMF program, with inflation falling to roughly 17% in April from a record high of 38% last May.

Business

Petrol prices are likely to drop significantly beginning May 16.

Published

4 hours ago

Farwa

According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.