On Tuesday, in a statement Honda Motor Co Ltd said, it plans on spend $64 billion on R&D over a span of 10 years. The development marks the Japanese giant laying out its ambitious target to roll out 30 electric vehicle models globally by 2030.

Honda’s goal also includes producing around 2 million electric vehicles a year by 2030.

Honda’s strategy underscores its intent to quickly increase traction in the fast-growing electric vehicles market, where Tesla Inc is the dominant market leader.

Japanese automakers have made it clear, even as they increase their push towards electrification, they will continue to invest in older hybrid technology. Proponents of this strategy point to the emerging economies where infrastructure to support battery electric vehicles will take time to establish.

“By no means is this the end of hybrids and the replacement of all hybrids with EVs,” said Honda Chief Executive Toshihiro Mibe. “We will develop our current hybrids and use them as a weapon in our business.”

The bulk of its $64 billion (8 trillion yen) investment would be channelled in electrification and software technologies, including around 43 billion yen earmarked towards a demonstration line for the production of solid-state batteries, with the aim of starting production in the spring 2024.

($1 = 125.4400 yen)

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Tags: allocates, battery electric vehicles, budgets, demonstration line, development, electric vehicles, electric vehicles market, electrification, emerging economies, EV infrastructure, EV models, Evs, Honda Motor Co Ltd, hybrid technology, hybrids, R&D, research, software technologies, solid state batteries, Tesla Inc, Toshihiro Mibe