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It makes sense in the near term. Honda doesn't need EVs to meet global regulations. They have been clear that they see hybrids and plug-in hybrids to be the best short to medium term solution to meet global regulations.
Honda is working on a new dedicated electric car platform but it won't reach production until the second half of the decade.
Honda is also a smaller player than most people think. Yes, they sell 5 million vehicle a year but their largest competitors sell twice that many. They need to pick their R&D spending wisely and can't afford to spend a lot of money on EVs before they are mainstream.
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