Honda Drops 2040 EV Goal After First Annual Net Loss, Pressuring CEO Mibe
Updated
Updated · The New York Times · Jun 25
Honda Drops 2040 EV Goal After First Annual Net Loss, Pressuring CEO Mibe
2 articles · Updated · The New York Times · Jun 25
Summary
Honda has scrapped its pledge to go all-electric by 2040 after posting the first annual net loss in its seven decades as a public company.
U.S. demand weakened after the Trump administration eliminated federal EV tax credits, undercutting the strategy CEO Toshihiro Mibe had championed five years earlier.
Inside Honda, the reversal has fueled a push by some senior executives — including at least one board member — to rally support for Mibe to resign.
The setback marks a sharp turn for a plan that once won praise from Wall Street and environmental groups as Honda promised to spend tens of billions on EVs.