Honda shares rise over 7% as investors shrug off first operating loss in nearly 70 years
... Honda swung to an operating loss of 414.3 billion yen ($2.61 billion) for the fiscal year ending March, compared to an operating profit of 1.2 trillion yen the year prior. Provisions made for its ailing electric vehicle business and related investments, competition from its Chinese rivals, as well as a U.S. tariff impact of 346.9 billion yen weighed on its earnings.
... As part of its efforts to reorganize its EV business, the automaker said it will cancel market launches and development of some EV models initially planned for production in North America. The Japanese automaker said it expects the restructure of its EV business to cost over $9 billion.
... Honda engines used by Aston Martin were found to be causing battery failures and in January the Japanese automaker was slapped with a lawsuit in Canada over a defect in the 1.5L turbocharged engine in three Honda models. ...
The good news is you can still get the 2-liter four cylinder gasoline non-turbo engine in the base Civic, MSRP $26,345, with a theoretical highway range of 508 miles.
