Honda Motor to build new electric vehicle factory in China

Honda Motor plans to build two new electric vehicle factories in China to make up for the reduction in fuel vehicle production capacity. The two new factories will cooperate with the joint venture of GAC and Dongfeng, and are expected to start production later this year with a production capacity of 1.44 million vehicles. The company currently has four vehicle production lines (annual production capacity of 770,000 units) and one production line under construction (designed annual production capacity of 120,000 units). The fourth production line with an annual production capacity of 50,000 units is scheduled to be closed in October 2024, and the new energy production line under construction will be put into production in November 2024.