Overview
- Honda reported Thursday a ¥423.94 billion ($2.7 billion) net loss for the year ended March, its first since 1957, driven by electric-vehicle write-downs.
- The automaker booked about $9 billion in restructuring costs and said EV-related losses could reach roughly $16 billion as demand cooled after U.S. tax credits were rolled back and price cuts in China deepened.
- Management froze a planned EV and battery complex in Canada, halted development of three North America EV models, and pared back its Sony Honda Mobility venture.
- The company dropped its 2040 goal to sell only electric or fuel-cell cars, cut planned electrification spending from ¥10 trillion to ¥7 trillion, and plans 15 new hybrid models.
- Honda forecasts a return to profit in the fiscal year through March 2027, as analysts press for supplier diversification, capital alliances, and faster local sourcing in China and India to regain cost and speed.