US EditionBREAKING NEWS: Honda discontinues development of some EV models for N. America output
Honda will write off $15.7 billion after canceling three self-developed electric vehicle models due to slowing U.S. EV market and rising competition from Chinese automakers.
- On Thursday, Honda Japan announced it will cancel development of three EV models planned for North America, halting the 0 Series Saloon, 0 Series SUV, and Acura RSX, with the 0 Series as the biggest casualty.
- Last month, Honda warned that surging EV expenses and a slowing U.S. EV market, plus a worse outlook in China, prompted its strategy rethink.
- Honda Motor Co. projects up to $15.7 billion in losses and faces a �2.5 trillion hit split across this fiscal year and the next, flagging wide operating and historic net losses.
- Parts of the project will continue, with the 0 Series Alpha reaching production in India and parts of Asia, while Chief Executive Officer Toshihiro Mibe said the situation changed faster than expected and the company will strive to return to profitability.
- Honda's retreat mirrors wider industry pullbacks as it joins others scaling back EV bets amid volatile demand and competition from Chinese manufacturers and BYD Co.'s rise last year.
18 Articles
18 Articles
Remember those Honda 0 Series electric cars? They're not happening.
At CES 2024 (and, again, at CES 2025), Honda showcased some of the coolest-looking electric vehicle concepts we've ever seen. With a sleek retro aesthetic, the Honda 0 Series Saloon and 0 Series SUV seemed to be the company's ticket to make serious waves in the EV space, at a time when many other manufacturers were scaling down their EV plans. The idea was to bring these cars to market in 2026, but that's not going to happen. On Thursday, Honda …
Times of India
The Economic TimesGlobal Stock Market | Honda shares slide nearly 6% as automaker faces first annual loss
Honda Motor's stock plummeted nearly 6% in Tokyo after the automaker announced its first annual loss in nearly 70 years. The company is facing up to $15.7 billion in restructuring costs, primarily due to cancelling three planned electric vehicle models in the US and writing down its China business.
Honda Projects $15.7 Billion Loss as It Pivots Away From EVs
A reassessment of Honda Motor Co., Ltd., corporate electric vehicle (EV) strategy and planned cancellation of three EV models for the North American market could lead to losses totaling approximately $15.7 billion for its fiscal year ending March 31, the company said in a news release on March 12. It would be the first time Honda has posted an annual loss since its shares were first listed on the Tokyo Stock Exchange in 1957. Honda said it initi…
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