Jan.31 (NBD) -- Honda recently announced that it is restructuring its business to stimulate growth and quickly expand its EV marketshare.

Photo/Zhang Jian (NBD)

The company stated that it will establish a new department to integrate businesses for better electrification.

In addition, Honda's wholly-owned subsidiary in China, Honda Motor(China) Technology (HMCT), will merge with EGCH.

Honda plans to reorganize its regional business and integrate the current six major markets （Japan, Asia and Oceania, South America, Europe and Africa, and the Middle East) into three markets, namely China, North America and the integrated region. 

Honda will also integrate the development of cars, motorcycles and other power products into a new business department called "Electrification Business Development Operations".

To achieve the 2050 carbon-neutral target, Honda plans to release 10 e: N all-electric cars in the Chinese market by 2027 and ceases to provide fuel cars in China after 2030.