Honda reports $15.7 billion electric vehicle writedown
Honda will cancel three planned battery models in the U.S. and pivot to hybrids. The company expects its first annual loss in nearly 70 years as a result.
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Honda Motor Co., Ltd. has announced a massive 2.5 trillion yen ($15.7 billion) writedown of its electric vehicle business, representing a significant strategic retreat in the United States and highlighting mounting challenges in China. The decision, disclosed on Thursday, is expected to lead to the first annual loss for the Japan-based automaker in its nearly 70-year history as a listed company.
