Honda Motor Co. said Thursday it will drastically boost its investment in electric vehicle technology to around 10 trillion yen ($65 billion) for the 10-year period through fiscal 2030.

The investment is aimed at enhancing the Japanese automaker's competitiveness as it seeks to increase the ratio of electric and fuel-cell vehicles to 100 percent of its overall new car sales in 2040.

Honda Motor CEO Toshihiro Mibe said the EV industry is still nascent but that "in the long run the EV shift will continue to proceed steadily."

==Kyodo

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