Honda Reports Its First Yearly Loss in 70 Years
Japanese auto giant Honda reported its first annual loss in its 70-year history after its foray into electric vehicles didn’t pay off. The company had forecast robust electric vehicle demand and invested accordingly, but market conditions nosedived and the firm reported a loss of $2.68 billion for its fiscal year ending in March this year. As a result of the disappointment in the EV division, Honda revealed that it was shelving some of its electric vehicle plans and would start sourcing auto parts from China in a bid to put a lid on spiraling costs. China’s industrial prowess has made it the go-to source for…