Honda flags first annual loss, hit by $15.7 billion EV charge

I was surprised to see that this news has not been shared on the sub (apart from few other posts concerning their EV strategy reevaluation and and pressure mounting on their CEO) It's their first loss ever since they have been listed as a public trading company. Reuters article suggests ¥570 billion loss for the last FY$, but Nikkei has cited ¥690 billion ($4.3 billion) loss (https://www.nikkei.com/article/DGXZQOUB126KH0S6A310C2000000/). $15.7 billion lost from a single business already sounds crazy enough, but seeing the numbers in JPY (¥2.5 trillion) it feels even more insane, as someone who is still used to the pre-Russo-Ukrainian war exchange rates. As the article suggests the losses incured from the EV business are still less than that of Ford and Stellantis, as Honda wasn't as deep with their feet in the EV business, but my god are they in a tough spot. submitted by /u/redMahura [link] [comments]