TOKYO, March 12 (Xinhua) -- Japan's Honda Motor Co. said Thursday it expects to log a net loss of 420 billion yen to 690 billion yen (about 4.34 billion U.S. dollars) in fiscal 2025 ending this month.
The Japanese automaker revised down its estimate from a net profit of 300 billion yen for fiscal 2025, as it canceled development of some electric vehicle models that had been planned for production in North America.
Honda said its CEO and vice president will take a 30 percent monthly pay cut for three months in fiscal 2026 to take responsibility for the losses.
The company also said it expects an operating loss of between 270 billion and 570 billion yen in fiscal 2025, down from its previous estimate of a 550 billion yen operating profit.
Honda said in May last year it would reduce its EV investment through fiscal 2030 from 10 trillion yen to 7 trillion yen, citing pressure from high U.S. tariffs and weak demand for EVs globally. (1 U.S. dollar equals about 158.7 yen) ■