TOKYO — Honda says it racked up a full-year loss for the first time ever, losing $2.7 billion in the last fiscal year due to a costly electric-vehicle strategy.
The Japanese automaker abandoned many of its plans for EV models, including those in the works in a joint venture with Sony.
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Analysts say the company might have been too ambitious too fast, when many markets still weren’t ready. Losses related to Honda's EV operations are estimated to total $16 billion, mostly from the last and current fiscal years.
Honda's bottom line got a lift from its motorcycle business. And the company forecast a return to profit for the current fiscal year in its report Thursday.
