Honda has warned of up to ¥2.5tn ($15.7bn) in losses over two years from an overhaul of its electrification strategy, becoming the industry’s latest casualty from a souring outlook for electric vehicle sales in the US and fierce competition from China.
The Japanese carmaker said on Thursday it expected to make a net loss of ¥360bn to ¥630bn in the full year ending this month, versus its previous forecast of a ¥360bn profit, after announcing it would scrap three EV models planned for production in North America.
It will be the first time Honda has ever recorded an annual net loss since becoming a public company in the 1950s.
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