Honda posts its first annual loss in 70 years
Japanese carmaker Honda has reported its first annual loss in more than 70 years. The company also said it was abandoning its plan to make all of its vehicles fully electric by 2040.
Honda has reported its first annual loss in more than 70 years. The company said high tariffs, weaker sales in China and heavy spending on electric vehicles all weighed on its bottom line.
The BBC reports that Honda has also formally scrapped its plan to make all its vehicles fully electric by 2040. The carmaker says it will now invest more evenly across hybrid and hydrogen technologies.
Honda's strategic pivot could ripple across the Japanese auto sector. In a separate report this week, Nikkei Asia said Suzuki is set to overtake Honda as Japan's second-largest carmaker, driven by booming sales in India.
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