Honda Reports Annual Loss for the First Time in Nearly 70 Years
The automaker cited more than $9 billion in restructuring charges and write-downs after scaling back its electric-vehicle plans.
- On Thursday, Tokyo-based Honda reported a $2.7 billion net loss for the fiscal year ending March 31, marking its first annual loss in seven decades after retreating from ambitious electric vehicle targets.
- Earnings were weighed down by more than $9 billion in restructuring charges as cooling demand and federal subsidy cuts under President Donald Trump forced a strategic pivot away from electric vehicles.
- Honda scrapped its 2040 electric-only target and cancelled major projects with General Motors and Sony, as CEO Mibe stated, "We have seen a shift from a focus on the environment."
- While global vehicle sales fell to 3.4 million, Honda's bottom line received critical support from its motorcycle business, which sold 22.1 million units during the fiscal year.
- The automaker plans to introduce 15 high-efficiency gasoline-electric hybrid models by 2030, though Mibe said the company remains committed to developing "highly competitive electric vehicles.
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The New York LedgerHonda posts first-ever annual loss in nearly 70 years as electric vehicle bet backfires
Honda Motor posted its first-ever annual loss this week since it was first listed on the stock market in 1957.The Japanese car company’s bet on electric vehicle sales left it with $9 billion in restructuring costs due to low demand and President Donald Trump’s "Made in America" policies."EV demand has declined considerably, due to the rollback of environmental regulations in the U.S. and other factors," Honda said in a statement.CEO Toshihiro Mi…
Honda reports net loss of $2.7B | Northwest Arkansas Democrat-Gazette
TOKYO -- Honda Motor Co. on Thursday reported its first annual loss since becoming a publicly traded company in Japan seven decades ago, as the costly retreat from its ambitious electric vehicle targets plunged earnings into the red.
One of the automotive giants recorded its first annual loss in almost 70 years. This is due to the strategy of betting on electric vehicles.
After Honda's first annual loss in 70 years, what does it mean for its F1 project?
Honda has posted a $2.68billion loss over the past year. The F1 project is not directly affected, but the background behind the news is more interesting than the raw figures themselves
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