Honda has announced intentions to release 30 electric vehicle (EV) models worldwide by 2030, ranging from commercial-use mini-EVs to flagship-class cars, with an annual manufacturing volume exceeding 2 million units.

Honda will invest around 5 trillion yen ($40 billion) on electrification and software technologies over the next ten years, including both R&D expenses and separate investments, to further accelerate its electrification.

Honda’s overall R&D spending for this time is expected to be around 8 trillion yen, according to a statement released late Monday.

“Honda will build a demonstration line for the production of all-solid-state batteries with an investment of approximately 43 billion yen and further accelerate the research with a goal to start demonstration production in Spring 2024,” said the company.