Honda expects FY2025/26 loss of up to $4.3 billion from review of EV strategy
A logo is pictured on the Honda stand during the 88th Geneva International Motor Show in Geneva, Switzerland, March 7, 2018. REUTERS/Denis Balibouse
TOKYO, March 12 : Honda Motor revised down its earnings forecast to a loss of 420 billion yen to 690 billion yen ($2.6 billion to $4.3 billion) in the financial year ending this month due to reassessment of its electrification strategy, it said on Thursday.
The Japanese carmaker cancelled development and market launches of some U.S.-made electric models given the "slowdown of the EV market in North America", expecting up to 2.5 trillion yen in expenses and losses to be incurred over multiple financial years due to the strategy shift.
Honda, which previously forecast a FY2025/26 profit of 300 billion yen, will hold a press conference from 0730 GMT.
($1=159.0400 yen)
