An anonymous reader quotes a report from Electrek: Honda is waving the white flag. The Japanese automaker previewed two new hybrids set to launch by 2028 after taking an over $9 billion hit over its failed EV bet, leading to its biggest loss in company history. Honda admitted it was "unable to deliver products that offer value for money better than that of new EV manufacturers, resulting in a decline in competitiveness," after suddenly announcing plans to cancel three new EVs in the US in March, warning restructuring costs could reach 2.5 trillion yen ($15.7 billion).
After posting its first annual loss since it became a publicly traded company in 1957 on Thursday, Honda's CEO Toshihiro Mibe revealed the company's comeback plans. Honda is no longer planning to phase out gas-powered vehicles by 2040. Instead, Honda now aims "to achieve carbon neutrality by 2050," including a mix of EVs, hybrids, carbon-neutral fuels, and carbon-offset tech. Starting next year, Honda plans to begin introducing its next-gen hybrids, underpinned by a new hybrid system and platform. Honda said it aims to improve fuel economy by over 10% in its upcoming hybrids. The new system is expected to help cut costs by over 30% compared to Honda's current hybrid system.
By the end of the decade, Honda plans to launch 15 new hybrid models globally. In North America, its most important market, the company will introduce larger hybrids in the D-segment or above. Honda previewed two of the new hybrids during the business update: the Honda Hybrid Sedan Prototype and the Acura Hybrid SUV Prototype, which the company said will go on sale within the next two years.
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