A big cash injection from Honda Motor Co. on Tuesday may just be the start.
The Japanese automaker said on Tuesday that it has spent $8 billion to buy back more than 1 million of its U.S. vehicles, as it tries to stave off the virus’ march to extinction.
The $821 billion infusion, the largest in U.A.E. history, is part of a $7.8 billion plan to save 1.2 million U.U.S.-based vehicles in 2018 and 2019.
The first two vehicles are the Corolla, which is expected to be unveiled later this month, and the Civic, which will be unveiled in 2020.
The Civic, unveiled last week in Japan, will come equipped with a new, more powerful engine and a redesigned suspension that is expected help with acceleration.
Honda also announced it will invest $3 billion to build a new plant in Michigan to produce its vehicles.
The announcement comes amid renewed interest from automakers in building cars in China, which may soon become the world’s largest car market, where automakers will likely seek more efficient manufacturing.
Hondas CEO Masayoshi Son said Tuesday that his company’s cash injection was an important step in that direction.
“We have invested a lot of money in this new plant,” he said.
“But we need to do more.
We need to invest more in this plant to become the carmaker that we want to be.”
Honda has said it has invested $1.7 billion in the plant in Lansing.
The U.K. company has invested more than $2.6 billion in its plant in Flint, Michigan, which started producing cars there last year.
The company also said it plans to add another 700 jobs to its U,W.O.R.
S facility in Detroit.