Honda Motor (TYO:7267) is doubling down on its motorcycle business, particularly in India, to maintain its global leadership through electrification, Nikkei Asia reported Friday.
The automaker will combine its engine expertise with electric vehicle development in a dual strategy requiring significant investment but crucial for emerging markets, the news portal added.
India's electric two-wheeler market is growing rapidly, with sales surging 35% to 930,000 units in 2023, representing about 6% of total two-wheeler sales, said the report, citing KPMG.
Honda's electrification push comes as government incentives accelerate EV adoption in key developing markets, with plans to introduce its first electric scooters in India next year.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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