Honda warns of ¥690 bn loss, cancels 3 North America EV models; shares plunge 6%

• Honda Motor Co. forecasts a ¥690 billion net loss, its first since 1977, after canceling three EV models planned for North America.
• The automaker expects to book up to ¥2.5 trillion ($15.7 billion) in charges related to its electric-vehicle business.
• Shares plummeted over 6% in Tokyo following the announcement, marking the steepest intraday decline since April last year.
• CEO Toshihiro Mibe cited suspended EV subsidies in North America and intense competition in China as key reasons for the strategic shift.
• Honda plans to pivot towards hybrid vehicles, streamline North American models, and expand into India, with a revised strategy due in May.