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Valvoline CEO Lori Flees discusses the used car boom, decreased interest in electric vehicles and more on \u2018The Claman Countdown.\u2019<\/p>\n
Honda Motor posted its first-ever annual loss this week since it was first listed on the stock market in 1957.<\/p>\n
The Japanese car company\u2019s bet on electric vehicle sales left it with $9 billion\u00a0in restructuring costs due to low demand and President Donald Trump\u2019s “Made in America” policies.<\/p>\n
“EV demand has declined considerably, due to the rollback of environmental regulations in the U.S. and other factors,” Honda said in a statement.<\/p>\n
CEO Toshihiro Mibe said on Thursday that the company, which suffered a $2.7 billion loss, would also abandon its target to make electric vehicle sales 20% of profits by 2030.<\/p>\n
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Honda’s Chief Executive Toshihiro Mibe speaks at a press conference in Tokyo Thursday, May 14, 2026. (Yuta Omori\/Kyodo News via AP \/ AP Newsroom)<\/p>\n
The company had also previously set a goal to fully move to electric or fuel-cell vehicles by 2024.<\/p>\n
Losses related to its electric vehicle operations are expected to reach $16 billion, the company said.<\/p>\n
The Trump administration has moved away from electric vehicle incentive programs, including blocking California\u2019s stringent electric vehicle mandates and removing former President Joe Biden’s EV tax credit.<\/p>\n
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Honda, however, stemmed the bleeding through an increase in motorcycle sales \u2013 20 million more than last year, which translated to a half a percent increase or $138 billion for the fiscal year through March.<\/p>\n
The logo of Honda seen at a dealership store. (Photo by Igor Golovniov\/SOPA Images\/LightRocket via Getty Images \/ Getty Images)<\/p>\n
Honda, which makes the Accord sedan and Super Cub motorcycles, sold 3.4 million vehicles around the world in the fiscal year through March, down from 3.7 million the previous year.<\/p>\n
The company is the main motorcycle seller in some markets, including India.<\/p>\n
Despite the loss, Honda is still forecasting a $1.7 billion profit for the fiscal year through March 2027.<\/p>\n
Visitors look at a HONDA E:N2 electric car on display at the 47th Bangkok International Motor Show 2026 in March.\u00a0 (Anusak Laowilas\/NurPhoto via Getty Images \/ Getty Images)<\/p>\n
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“We will continue our research to develop future technologies including electric vehicle batteries,” Mibe said. “We will get back on a growth track,” adding that the company will continue a goal of carbon neutrality while acknowledging the need to work on hybrids and regular gasoline-engine models as well.<\/p>\n
Reuters and the Associated Press contributed to this report.<\/p>\n
#Honda #posts #firstever #annual #loss #electric #vehicle #strategy<\/p>\n","protected":false},"excerpt":{"rendered":"
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