Honda Motor Co's top executive apologized Friday to shareholders for the company's first full-year loss since its 1957 listing for the year ended March and vowed to transform its automobile business into a stable and profitable source of earnings over the next three years.
Due to losses tied to a revamp of its electric vehicle business, the automaker reported a net loss of 423.94 billion yen ($2.6 billion) for fiscal 2025. However, it expects to return to profitability this fiscal year.
In the face of slowing EV demand in the United States, Honda halted the development of three EV models for production in North America.
Honda President and CEO Toshihiro Mibe said at an annual shareholders' meeting held in Tokyo that he fully understands the severe criticism of Honda's management over the decision.
However, the CEO added that he sees it as his responsibility to "quickly put Honda back on a growth path, continue bringing its unique and diverse mobility products to the world and deliver results with urgency."
Mibe also revealed that Honda has continued discussions with Nissan Motor Co and Mitsubishi Motors Corp over areas including a next-generation software-defined vehicle platform and batteries.
While no concrete decisions have been announced yet, the CEO said discussions have progressed with Honda maintaining good relationships with those companies. Some of the projects are "close to being announced," he said.
Although some shareholders criticized the management, Honda's proposal to appoint 11 board members, including Mibe, was approved, with Mahito Shikama newly appointed. The 48-year-old Shikama has been involved in developing commercially available Level 3 autonomous vehicles and SDVs.
An office worker in her 50s who attended the meeting said, "I'm disappointed with the president's handling," adding, "I felt future strategy seems to be only on a day-to-day basis."
"Mibe's decision was late and he should hand over his post to a new president to revive the company's business," said a man in his 40s who works at a client company.
© KYODO
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sakurasuki
Is not about a single company, is about the end of combustion engine.
https://cleantechnica.com/2026/06/24/europe-ev-sales-report-bevs-jump-39-and-reach-24-market-share/
https://electrek.co/2026/05/05/byd-outsells-tesla-kia-as-top-selling-ev-brand-overseas/
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Any news about EV from Japanese automaker?
WoodyLee
Chinese EV's and Korean Combustion engine auto's are spreading like wild fire across the the globe and at a much lower price than any U.S., German, Swedish, and Japanese, auto maker, this is reality and unless these makers get their heads out of the sand and face this reality the loses will continue.
Years ago people use to laugh at made in Korea auto's use to be the poor man auto, NOT ANY MORE now a days these autos are as good and reliable if not ever more reliable than some at a much lower price.
WoodyLee
"" Any news about EV from Japanese automaker? ""
Still in development, LOL.
My Honda runs like a Swiss watch never had a single major repair and my next auto will be a Honda as well. But Combustion is on it's way out and Honda is yet to produce a Reliable and Affordable EV that I can switch to so I guess I'll stick with Combustion for now.