"Honda has canceled its long-term EV sales target, as well as the target to shift to a fully electric or fuel-cell vehicle portfolio by 2040. The decision comes after the Japanese automaker's first annual loss in nearly 70 years. Hit by more than $9 billion in restructuring costs related to its EV business, Honda will focus on ultra-efficient hybrids."
"The industry giant has canceled its long-term EV sales targets, scrapping its goal of having EVs make up a fifth of its new car sales in 2030. The planned shift to a full electric or fuel-cell vehicle lineup by 2040 has also been canceled, with the company focusing on hybrid models going forward."
"Toshihiro Mibe, Honda's CEO, confirmed that the company will indefinitely suspend its $11 billion Canadian EV project, where cars and battery packs were supposed to be built. If completed, it would have been Honda's biggest investment in Canada ever."
"Honda poured billions of dollars into the bespoke 0 Series platform, which underpinned three initial electric cars: the Honda 0 Series SUV, Honda 0 Series Saloon, and Acura RSX. All three were canceled before a single car rolled off the production line. Now, Honda is shifting its focus to hybrids, and thanks to its booming motorcycle business and extensive cost-cutting measures expects to turn a profit once again by the end of this year."
Honda canceled its long-term EV sales target and its plan to move to a fully electric or fuel-cell vehicle portfolio by 2040. The changes follow Honda’s first annual loss in nearly 70 years, driven by more than $9 billion in restructuring costs tied to its EV business and a misread of the EV market. Honda will focus on ultra-efficient hybrid models instead. Honda also confirmed an indefinite suspension of its $11 billion Canadian EV project, which would have built cars and battery packs. Honda previously invested billions in the 0 Series platform, but the initial electric vehicles were canceled before production. Honda expects to return to profit by the end of the year, with new hybrids planned for debut in 2028 using a new platform and a next-generation hybrid powertrain.
Read at insideevs.com
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