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Honda announced today that it will “further accelerate” its electrification push by creating a new division in April. It also announced organizational changes to how it runs its business on a global scale.

The Japanese automaker announced today that it will create a new Electrification Business Development Operations division to consolidate its electric vehicle development in the automotive, motorcycle, and powersports departments. By doing that, it says it will speed up the development of electric vehicles.

Honda said that the division will build on the Business Development Operations, that was first announced in April 2022. At that time, the automaker announced that it was planning on building 30 EVs around the world by 2030.

More: Honda To Make Two New Electric Sports Cars As Part Of $40 Billion EV Push With 30 Models

Honda To Accelerate Electrification Push By Creating A New Dedicated Division

Honda will invest ¥5 trillion ($38 billion USD at current exchange rates) in its new division. The result of that investment includes two vehicles co-developed with GM for the U.S. market that are coming in 2024, as well as 10 new EVs for China by 2027.

The automaker is also planning on developing a dedicated platform for electric vehicles called Honda e:Architecture that will start rolling out in 2026. The automaker said it was targeting annual EV production volumes of 2 million vehicles per year by 2030.

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In addition, Honda announced that it will be consolidating its global regional operations. The automaker will now have just three regions: the first one includes North America, the second China and Associated Regions, and the third combines Japan, Asia & Oceania, South America, and Europe, as well as Africa and the Middle East Region. Its electrification strategies will be executed based on these areas, with each region receiving its own vehicles.

Finally, the automaker said it will create Corporate Strategy Operation and Corporate Administration Operation divisions. The former will be tasked with formulating, executing, and communicating its corporate strategies, while the latter will have to pursue the optimization of corporate resources.

Honda said it is taking these steps to “transform itself through electrification and new value creation” into a “company society wants to exist” in the electric era.

Honda To Accelerate Electrification Push By Creating A New Dedicated Division