AssetID: 55694945
Headline: UNCAPTIONED: Honda Posts First Annual Loss in Decades After Massive EV Hit
Caption: Honda Posts First Annual Loss in Decades After Massive EV Hit. Honda has reported its first annual loss since becoming a public company nearly 70 years ago, after taking more than $9 billion in electric vehicle restructuring costs. The Japanese automaker also scrapped several major EV targets, including plans for electric cars to make up 20% of sales by 2030 and its goal of fully shifting to EVs and fuel-cell vehicles by 2040. Honda CEO Toshihiro Mibe said the company is also indefinitely pausing its massive $11 billion EV and battery project in Canada. Despite the huge losses, Honda’s stock still rose almost 4% after the company promised strong shareholder returns and kept its dividend unchanged. Honda says its profitable motorcycle business, especially in India and Brazil, is helping support the company during the slowdown in EV demand. The company now expects to return to profit this year through cost-cutting measures and continued growth in motorcycle sales. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Motoring,Honda,annual loss,electric vehicle restructuring,EV market slowdown,Toshihiro Mibe,battery investment,Canada,fuel-cell vehicles,motorcycle business,India,Brazil,shareholder returns,automotive industry transition
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