Japan's Honda Motor plans to launch a small electric vehicle priced below $30,000 in North America by as early as 2026, the Nikkei newspaper said on Tuesday, as it plays catch-up in the battery-powered car market.

Japan-based Honda Motor is planning to introduce a small electric vehicle (EV) with a price tag below $30,000 in North America, potentially as early as 2026, reported Nikkei Asia. This move is part of Honda's strategy to expand its presence in the battery-powered car market,

Honda Motor Co., a Japanese automotive giant, is poised to make a significant push into the North American electric vehicle (EV) market with a strategic focus on affordability. According to a report in the Nikkei newspaper,

Japanese automaker Honda Motor Co. HMC will reportedly launch a new EV in North America priced below $30,000 as early as 2026. What Happened: The vehicle will be produced locally and rolled out as part of the company’s Honda 0 series lineup, according to a report by Nikkei Asia.

The affordable Honda EV, which could go on sale by 2026, may be produced in the Ohio factory, avoiding potential tariffs

After a strong sales year in the US, Honda is aiming for a bigger share in its most important market, which accounts for roughly a third of the Japanese automaker’s sales. After a slow start, Honda is looking to catch up in the EV market.

Honda (NYSE:HMC), the Japanese automaker plans to launch a new electric vehicle in North America that will be priced below $30,000, Nikkei reported on Tuesday.