CAJ and a shareholder group held a dialogue with Honda Executive Vice President, Mr Kaihara
On July 14, 2026, Corporate Action Japan and a shareholder group including overseas institutional investors held a dialogue with Honda Motor Co., Ltd. Director, Executive Vice President and Representative Executive Officer Mr. Noriya Kaihara, alongside other environment and finance executives of the company. The shareholder group and Honda exchanged views regarding the company’s corporate value enhancement and the direction the company is taking in line with its decarbonization strategy. This session follows last year’s board-level dialogue and was conducted as part of the shareholder group’s ongoing dialogue to advance Honda’s climate strategy and to enhance its mid- to long-term corporate value.
Summary of the Dialogue:
The discussion covered diverse angles. On the automotive side, participants discussed how the electrification strategy changes announced in May this year, amid a rapidly shifting market environment, would affect the 2050 carbon neutrality goal and Honda’s future competitiveness.
The discussion also touched on the procurement roadmap for green steel, as well as climate transition risks in the motorcycle business. In response to the shareholder group’s request for clarification on how the strategic shifts would contribute to the carbon neutrality goal, Honda stated its policy: “Rather than chasing specific EV sales volume targets, we will set reduction rates for total lifecycle CO2 emissions as our target to drive effective reductions.” Through this exchange, the shareholder group confirmed Honda’s direction toward disclosing total lifecycle CO2 reduction targets in addition to product-specific CO2 intensity reduction targets.
Regarding the procurement of green steel, Honda indicated that it intends to incorporate target values, such as its usage ratio, whenever possible into its next plan leading up to 2035, while carefully assessing challenges such as cost and stable supply.
For the motorcycle business, centered on emerging markets, Honda presented a phased electrification approach tailored to local trends. The shareholder group confirmed Honda’s proactive stance toward formulating and disclosing climate transition roadmaps by business segments (such as motorcycles and automobiles).
At the conclusion of the dialogue, the director quoted a statement Honda’s top management expressed at an internal meeting: “Achieving carbon neutrality and zero traffic fatalities are prerequisites for our business, and we will remain unwavering in our commitment to the environment.”
Future Expectations:
We value Honda’s shift away from a single metric like EV sales volume in its automotive business toward disclosing both intensity targets and total lifecycle CO2 reductions. We also encourage the continuation of these efforts, including Honda’s stance of always sincerely addressing honest feedback and questions from the shareholder group to foster mutual understanding.
Looking ahead, we hope Honda will explicitly incorporate “lifecycle CO2 reduction targets,” “green steel utilization ratios,” and “segment-specific roadmaps for the motorcycle business” into its next plan leading up to 2035. Beyond that, we believe it’s crucial to formulate and execute strategies with greater specificity and feasibility, alongside transparent information disclosure.
We will continue our constructive dialogue to support Honda, as it sincerely addresses carbon neutrality while flexibly adapting to an ever-changing market environment, in pursuing and achieving greater heights as a company that balances substantive decarbonization with sustainable growth.
