Honda Motor Co. predicts a 59% profit decrease for the current financial year, attributing this decline to U.S. tariffs under Trump's administration and competition from Chinese electric vehicle companies. As a result, the company has decided to delay its previously announced plan to establish an EV supply chain in Canada for about two years, responding to a slowdown in demand for electric vehicles. Although talks with Nissan to merge have ceased, Honda's CEO emphasized exploring growth through strategic partnerships to navigate these challenges.
Honda Motor Co. has revised its forecast for a 59% profit decrease this financial year, citing challenges from U.S. tariffs and rising competition from Chinese EV producers.
The auto industry is facing unprecedented challenges, and Honda has decided to postpone its EV supply chain project in Canada due to a slowdown in electric vehicle demand.
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