Honda has reported its first annual loss in nearly 70 years as a listed company, driven by a massive $9 billion EV-related writedown, and has abandoned key long-term electric vehicle sales targets.
The Japanese automaker also dropped its goal of making EVs 20% of global sales by 2030 and its plan for a full transition to electric or fuel-cell vehicles by 2040.
The losses reflect weaker-than-expected EV demand and high restructuring costs, prompting Honda to shift focus toward hybrid vehicles and cost-cutting measures.
