Honda Motor will launch its long-awaited electric van in October, with a starting price of ¥2.44 million ($15,550), pushing into the commercial market as part of its drive to have EVs and fuel cell vehicles account for 40% of global sales by the end of the decade.

The small electric commercial van will have a cruising range of 245 kilometers, the company said in a statement. It will be classed as a key minivan, which are low-powered, low-taxed domestic minivehicles.

The new 'N-VAN e:' will come in four variants, seating from one to four people, the automaker said at a launch event Thursday. The vehicle will be aimed at delivery companies and the construction industry, as well as people who want extra storage space. The van can be charged in four and a half hours at a normal charging speed of 6 kilowatts, and in 30 minutes with fast charging.