Honda Projects $15.7 Billion Loss as It Pivots Away From EVs

The company is also planning to cancel three EV models for the North American market.

A Honda SUV e: Prototype electric vehicle is displayed during a media day for the Auto Shanghai show in Shanghai, China, on April 20, 2021. Aly Song/Reuters

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.