Honda posts first annual loss in 70 years due to EV investment writedown
Honda reported its first annual net loss since 1955, posting a loss of 403.3 billion yen ($2.6 billion) for the fiscal year ending March 2024, driven by a 1.6 trillion yen ($9-10 billion) writedown on EV investments. The loss followed the Trump administration's reversal of stricter Biden-era emissions rules and elimination of the $7,500 EV tax credit, prompting automakers to shift focus back to profitable gasoline-powered vehicles. Reuters reports Honda also scrapped its EV sales goals in response to the policy changes.
Lightly covered so far
Too few outlets to map a left-right split. Here is each take as it stands.
“Honda posts first annual loss on $9 billion EV writedown, scraps EV sales goals”
“Honda just lost money for the first time in 70 years”
“Honda's Costly EV Fiasco Drives First-Ever Annual Loss”