Honda Motor invested too much and too late into a short-lived electric vehicle boom, and now finds itself saddled with an aging line-up and questions about its future as an automaker.
The Japanese company stunned investors by dropping a ?2.5 trillion ($15.7 billion) impairment charge bomb last week stemming largely from its ill-timed bet on EVs — some scrapped just months before debuting. That is likely a precursor to reporting its first annual loss on record.
But Honda’s problems aren’t limited to its failed bid to catch up with all-electric market leaders BYD and Tesla.
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