Overview
- Honda reported a net loss of about $2.7 billion for the year ended March 31, marking its first annual loss since it listed in 1957.
- The company said roughly $10 billion in electric-vehicle write-downs, tied to weaker demand and U.S. rule changes, led to an operating loss near $2.6 billion.
- Executives scrapped earlier all-electric sales goals and shifted spending to hybrids, with 15 new hybrid models planned by 2030.
- Honda put its $10.4 billion plan for an EV and battery hub in Alliston, Ontario on hold without a new timeline.
- The company projected about $3.14 billion in operating profit for the year ahead, and Honda Racing Corporation said its Formula 1 and other motorsport programs will continue without changes.