STORY: :: File
Honda said on Thursday it would tumble to a full-year loss and expects to take a hit of $15.7 billion over the next few years to restructure the EV business.
It is the latest automaker to flag rising pain as demand for the technology shrinks.
The Japanese company now expects to lose as much as $3.6 billion in the year to the end of March, versus a previous forecast for a profit of almost $3.5 billion.
Under President Donald Trump, Washington has pulled the plug on government support for EVs.
The shift has pushed companies like Ford and Stellantis to rethink their strategies.
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Honda CEO Toshihiro Mibe said the automaker would scrap development of some planned EV models, and instead put more effort into hybrids.
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In a press conference, he said competition has intensified in China and Southeast Asia, where rivals have launched new EV and software technologies faster than expected.
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He added that profitability has decreased in its Internal Combustion Engine hybrid models due to tariffs and other factors.
Honda plans to announce a revamped mid-to-long-term business strategy in the next fiscal year.
