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.

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.

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.

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

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,

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.