TOKYO (Reuters) – Honda Motor Co mentioned on Friday that Chief Executive Officer Takahiro Hachigo would step down, handing over the reins to the top of the automaker’s analysis and growth arm, Toshihiro Mibe, on April 1.
Hachigo will stay on the board, Japan’s second-biggest automaker by gross sales mentioned in an announcement.
Mibe, 59, joined Honda in 1987, with stints in engine growth and the drivetrain enterprise. He grew to become president of Honda’s R&D unit in 2019, working with Hachigo to push by way of structural reforms.
Mibe’s appointment, first reported by Reuters this week, comes as Honda races to catch up within the subject of all-electric vehicles and faces competitors from new entrants and tech giants corresponding to Tesla (NASDAQ:), Apple (NASDAQ:) and Amazon (NASDAQ:).
Traditionally identified for its fuel-efficient internal-combustion engines, Honda launched its first mass-produced all-battery car final August. It has mentioned it needs new-energy autos corresponding to plug-in hybrids and fuel-cell vehicles to make up two-thirds of its gross sales by 2030.
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