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Honda posts first-ever annual loss in nearly 70 years as electric vehicle bet backfires
Honda Motor posted its first-ever annual loss this week since it was first listed on the stock market in 1957.The Japanese car company’s bet on electric vehicle sales left it with $9 billion in restructuring costs due to low demand and President Donald Trump’s "Made in America" policies."EV demand has declined considerably, due to the rollback of environmental regulations in the U.S. and other factors," Honda said in a statement.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 b...4 days ago
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