Alphabet’s Canadian bond deal, Honda suspends Ontario EV project and a summer of travel chaos: Must-read business and investing stories

Honda scraps North America EV plans and takes $15.7 billion hit in major hybrid pivot

Honda is stepping back from some of its EV plans in North America and putting more money into hybrids instead, a sign that major automakers are increasingly responding to short-term demand instead of moving more aggressively toward fully electrifying vehicles. The company faces up to $15.7 billion in restructuring costs as it moves away from electric vehicles, per CNBC.  During a briefing Thursday in Tokyo, Honda said it is indefinitely pausing …

Alphabet’s Canadian bond deal, Honda suspends Ontario EV project and a summer of travel chaos: Must-read business and investing stories

Plus, four Canadian cities – Ottawa, Montreal, Vancouver and Toronto – compete in race to host defence bank headquarters

Honda’s $9 Billion EV Reckoning Forces a Hybrid Surge Aimed at American Buyers

Honda just recorded its first annual loss since going public in 1957. The red ink totaled $2.7 billion for the fiscal year ended March 31. More than $9 billion in restructuring charges and write-downs tied to a scaled-back electric-vehicle strategy drove the deficit. The Japanese automaker had bet big on battery-powered cars. Demand cooled faster than executives anticipated. Policy shifts in the U.S. added pressure. Federal tax incentives for EV…