Honda speeds up EV push with record R&D spending

TOKYO — Honda Motor plans to pour a record 1.19 trillion yen ($7.6 billion) into research and development this fiscal year as it steps up the development of electric vehicles to catch up to Tesla and Chinese players.

The R&D budget, announced Friday, represents a 23% increase on the year and exceeds 1 trillion yen for the first time, with the bulk of it going toward EVs.