TOKYO, Japan: Japan’s Honda Motor Co said today it expects to log a net loss of 420 billion yen to 690 billion yen (about USD4.34 billion or RM17.06 billion) in fiscal 2025 ending this month, reported Xinhua.
The Japanese automaker revised down its estimate from a net profit of 300 billion yen for fiscal 2025, as it cancelled development of some electric vehicle (EV) models that had been planned for production in North America.
Honda said its CEO and vice-president will take a 30 per cent monthly pay cut for three months in fiscal 2026 to take responsibility for the losses.
The company also said it expects an operating loss of between 270 billion and 570 billion yen in fiscal 2025, down from its previous estimate of a 550 billion yen operating profit.
Honda said in May last year, it would reduce its EV investment through fiscal 2030 from 10 trillion yen to 7 trillion yen, citing pressure from high US tariffs and weak demand for EVs globally. (USD1 equals about 158.7 yen) -BERNAMA-XINHUA
