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Honda Appoints Japan R&D Head Toshihiro Mibe As New CEO: Bloomberg

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Anusuya Lahiri
·1 min read
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  • Honda Motor Co Ltd (NYSE: HMC) has promoted its Japan R&D head Toshihiro Mibe as the CEO, Bloomberg reports.

  • Mibe will succeed Takahiro Hachigo, who will retire from the company as a director at the June annual meeting. Mibe will become the President effective April 1.

  • Honda is also battling the global chip crisis like the other automakers, including Volkswagen AG  (OTC: VLKAF) (OTC: VLKPF). The Japanese automaker intends to electrify two-thirds of its global car sales by 2030 as it struggles to fund the electric and driverless car technologies while sustaining its gas-powered car sales.

  • The company shut down domestic and international factories, forged a partnership with General Motors Co (NYSE: GM), and quit Formula One racing to focus on its EV target.

  • Price action: HMC shares are down 0.66% at $28.51 on the last check Friday.

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