Honda is scrapping three electric vehicles that were headed for North American production, a decision that’ll trigger its first annual loss as a publicly traded company in nearly seven decades. The Japanese automaker confirmed Thursday it’s killing the Honda 0 SUV, Honda 0 Saloon, and Acura RSX, absorbing a financial blow that could hit 2.5 trillion yen, or roughly $15.7 billion, across this fiscal year and the next.
The move comes as the company gets squeezed from two directions at once. EV demand in the States has softened considerably, while in China it’s losing ground to domestic competitors like BYD that move faster and think differently about what modern car buyers want. Wall Street took notice, with shares tumbling nearly 6 percent in Tokyo trading on Friday.
The three EVs that won’t make it
The canceled models represent a significant retreat from Honda’s electric ambitions. Two of them, the SUV
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