$9b EV experiment failure: Honda posts first annual loss in 70 years, abandons targets
By Jo Nova
So many great companies fell into the climate sink hole
Such was the cultural vibe that giant corporations all collectively jumped off a cliff together hoping to invent a new technology fast enough to be able to land.
In the case of Honda, after 70 years of endless profits, they burnt at least $9 billion dollars, and have given up the idea of trying to get EVs to make up one fifth of their sales by 2030. The demand just isn’t there. They also thought they could shift their whole fleet to electric or fuel cells by 2030. That’s gone too.
Honda posts first annual loss on $9 billion EV writedown, scraps EV sales goals
TOKYO, May 14 (Reuters) – Honda Motor (7267.T), opens new tab posted its first annual loss in nearly 70 years as a listed company on Thursday, hit by more than $9 billion in costs to restructure its electric-vehicle business, and the firm scrapped its long-term EV sales target.
Revealing its worst financial report since Honda listed on the stock market in 1957 underscores how risky an aggressive bet on EVs can be for a legacy automaker when it slams into weaker-than-expected demand.
Toshihiro Mibe, CEO of Japan’s second-largest automaker, on Thursday said Honda is scrapping its goal of having EVs make up a fifth of its new car sales in 2030 as well as a target of a full shift to electric or fuel-cell vehicle sales by 2040.
And remember, the oil crisis is making things as good for EVs as it possibly can.
https://joannenova.com.au/2026/05/9b-ev-experiment-failure-honda-posts-first-annual-loss-in-70-years-abandons-target/
