Honda announced on Wednesday that it has signed a strategic collaboration agreement with Taiwan Semiconductor Manufacturing Company (TSMC) as part of its efforts to secure a consistent supply of semiconductors.

Honda will establish direct partnerships with chip manufacturers to ensure a long-term stable supply of chips, said CEO Toshihiro Mibe at a news conference outlining the company's business plan.

"Honda will work closely with Tier 1 suppliers and semiconductor makers to take drastic steps," Mibe said, adding that the company had achieved a fundamental agreement on strategic partnership with TSMC.

According to COO Shinji Aoyama, the company hopes to reap the benefits of its partnership with TSMC beginning in the fiscal year 2025.

Honda also announced plans to launch four new electric vehicle models in Japan by 2026.