The firm, the world’s biggest makers of two-wheelers, also said it plans to launch 30 new electric models by 2030 and to reduce the current cost of electric motorcycles by 50%.

“For the electrification of its motorcycles, Honda is investing ¥100 billion over the five-year period from 2021 to 2025, and will invest an additional ¥400 billion over the five-year period from 2026 to 2030,” Honda said in a statement on Wednesday.

It also hiked its global annual sales target for 2030 to four million units, up from its previous goal of 3.5 million announced last year.

It added that it will initially use its existing infrastructure for internal combustion engine models but will begin the operation of dedicated electric motorcycle production plants from around 2027.

The firm will also “improve customer convenience by offering online sales that allow customers to purchase motorcycles without going to a dealer in person”.

The global electric motorcycle market was worth US$30 billion in 2022 and is anticipated to grow by almost 19% per year between 2023 and 2030, according to Grand View Research, in part on the back of public concerns about fuel costs and also climate change.