- Honda has canceled its long-term EV sales target, as well as the target to shift to a fully electric or fuel-cell vehicle portfolio by 2040.
- The decision comes after the Japanese automaker’s first annual loss in nearly 70 years.
- Hit by more than $9 billion in restructuring costs related to its EV business, Honda will focus on ultra-efficient hybrids.
Honda, Japan’s second-largest car manufacturer and the go-to example for how to run a car business, has hit a rough patch for the first time since going public in 1957. The automaker posted its first annual loss (for the fiscal year ending in March) in nearly 70 years after having to contend with a $9 billion bill for misreading the EV market.
