{"text":[[{"start":9.25,"text":"Honda posted the first annual loss in its history as Japan’s second-largest automaker absorbed more than $9bn in charges following its disastrous EV drive."}],[{"start":20,"text":"The company said on Thursday that it recorded an operating loss in the year to March of ¥414.3bn ($2.6bn), its first since becoming a listed company in the 1950s. "}],[{"start":32.65,"text":"The loss was worse than the ¥315.6bn that analysts had expected, according to LSEG data, but within estimates provided by the company earlier in the year. "}],[{"start":43.2,"text":"Honda said it expected to return to operating profit this financial year, forecasting a gain of ¥500bn driven by its expanding motorcycle business, including in India."}],[{"start":54.45,"text":"That forecast came despite an expected hit from EV-related losses of the same amount, down from the ¥1.5tn ($9.2bn) hit that punished the company this year."}],[{"start":64.65,"text":"Honda shares jumped almost 8 per cent in Tokyo after the earnings report before paring some of the gains. "}],[{"start":71,"text":"The group shocked investors in March by pulling the plug on three EV models planned for production in North America, prompting it to warn of a net loss between Y360bn and Y630bn for the year to March."}],[{"start":85.85,"text":"At that time, it warned of up to ¥2.5tn of losses over two years related to the pullback in its electrification strategy. Honda had been more radical than any other Japanese automaker by vowing to stop making petrol cars by 2040."}],[{"start":101.64999999999999,"text":"US President Donald Trump’s move to terminate EV incentives played a big role in prompting Honda and other legacy automakers to wind back their electrification plans."}],[{"start":112.14999999999999,"text":"However, analysts are concerned about a deeper rot at Honda, which admitted that it had been unable to keep up with the pace of the competition from Chinese EVs. "}],[{"start":121.6,"text":"Honda’s lucrative motorcycle business had sheltered the group from large losses until now, even as global sales of cars slid about 30 per cent from a record 5.34mn vehicles in 2019 financial year to 3.6mn units in the 2025 year."}],[{"start":139.35,"text":"Chief executive Toshihiro Mibe, who took charge in 2021, handled merger talks with Nissan that fell apart last year as Honda insisted on taking control of its rival to ensure its turnaround went to plan."}],[{"start":153.9,"text":"Since then Nissan has started to recover under chief executive Ivan Espinosa, while Honda has only plunged further into trouble."}],[{"start":162.70000000000002,"text":"The electrification U-turn at Honda also led its efforts to develop luxury electric cars with Sony equipped with high-end software and infotainment systems to collapse."}],[{"start":180.40000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778741526_8495.mp3"}