Japanese automaker Honda Motors said it plans to launch an electric vehicle (EV) division in an effort to compete with other EV giants such as China's BYD and U.S.-based Tesla . Honda needs to catch up quickly as traditional auto manufacturers began prioritizing EVs several years ago to meet demand from consumers who no longer want to buy gas-guzzling cars and trucks. Honda also said it would consolidate its current six regional operations to three - they would consist of North America, China and nearby regions including Japan and an operation that includes the remainder of Asia and Europe.