Toshihiro Mibe

Money Moves

Leading Honda's strategic pivot from EVs to hybrids; voluntarily forfeited 30% of compensation for three months; expected to announce revised long-term strategy in May 2026

Honda spent four years and more than four billion dollars converting its Ohio manufacturing complex into an electric vehicle hub. On March 12, the company scrapped all three EVs that were supposed to roll off those lines — the Honda 0 SUV, the Honda 0 Saloon sedan, and the Acura RSX — and warned that combined current and future losses could reach $15.8 billion. Honda now expects its first annual loss since it went public in 1957, ending nearly seven decades of unbroken profitability. CEO Toshihiro Mibe and Executive Vice President Noriya Kaihara voluntarily forfeited 30% of their compensation for three months, while other executives took 20% cuts.

Updated 2 days ago