Honda Motor (NYSE:HMC) has plans underway to launch a new gas-electric Sedan at the Detroit auto show next month according to an AP report. The Japanese automaker in a statement projected that the compact car would be offering mileage on par with the rest of the hybrids on the market.
Most Honda vehicles are associated with fuel economy and quality. Honda has been keeping up with the ever-changing business dynamics targeted at ensuring that it develops an edge over rivals.
It has taken a different stance and this time around it is about the set up of a ‘stage’ for the transition to electric vehicles. If everything goes according to plan the goal will have been achieved at the latest by 2030. It wants to be at the frontline when it comes to complying with the strict fuel economy standards being advocated for around the globe at the moment.
The company’s spokesperson opined, “The four-door Insight will employ a two-motor hybrid system. Moreover with its elegant style, lively stance, abundant interior space and stellar performance, Insight gels well with Honda’s uniqueness.”
According to the Edmunds.com, sales of hybrid and electric cars in the U.S will hopefully hit a record early next year. The auto buying site has projected that the traditional gas-electric hybrids, plug-in rechargeable hybrids and the fully electric vehicles will be accounting for about 4.4% of the market in 2018.Earlier on the percentage stood at about 3.2%.
The fast growing electric vehicles market might have caused the Japanese auto giant to make headway into the electric vehicles race with a bid thud.
Market analysts following on the company’s progress have given their respective opinions and all seem to be agreeing on the point that the company is on the right track. Changing times require changes in perspective and that is exactly what Honda is doing at the moment.