Honda pulls Zero Series EVs amid mounting EV losses
TL;DR Summary
Honda is canceling its Zero Series EVs (the SUV and Saloon) and the Acura RSX EVs, citing an 'extremely challenging earnings situation' and forecasting a net loss of about ¥360 billion to ¥630 billion ($2.5–$4.4 billion) for the year. The company had planned 30 new EVs by 2030 and 100% zero-emission sales by 2040 but says it will pivot toward hybrids as US EV demand stalls and competition from China grows, joining Ford, GM, and Stellantis in taking big EV-related write-downs.
- Honda cancels Zero Series EVs, citing ‘extremely challenging’ situation The Verge
- Automakers’ EV restructuring costs now approach $70 billion after Honda cancels 3 models Automotive News
- Honda slumps to first annual loss since going public in the 1950s Financial Times
- Honda Announces Losses Associated with Reassessment of Automobile Electrification Strategy; Revision to Forecast for Consolidated Financial Results; and Future Direction Honda Global
- Honda Kills Three Electric Vehicles for U.S. MotorTrend
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