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BREAKING 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.
14 Articles
14 Articles
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…
The company said it decided to cancel the launch and development of certain models in response to the deceleration of the market for electric vehicles in North America.
Honda Cancels Major EV Models: A 2.5 Trillion Yen Pivot
Honda Motor Co. has announced a massive reassessment of its electrification strategy. Honda has officially hit the brakes on its ambitious North American electric vehicle rollout, announcing the cancellation of three cornerstone models: the Honda 0 SUV, the Honda 0 Saloon, and the highly anticipated Acura RSX. This decision marks a significant turning point for the manufacturer as it grapples with a rapidly changing global business environment a…
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