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How Honda’s Pledge to Go All-Electric Unraveled
The New York Times • • business
Key Points:
- Five years ago, Honda CEO Toshihiro Mibe announced a bold plan to phase out internal-combustion engines by 2040 in favor of electric vehicles, earning praise from Wall Street and environmental groups.
- The Trump administration's removal of federal tax credits for electric vehicles in the U.S., Honda's largest market, led to decreased demand and contributed to the company’s first annual net loss in its public history.
- Honda has since abandoned its goal of becoming an all-electric automaker by 2040, marking a significant setback for Mibe’s vision.
- Internal criticism has grown, with some senior Honda executives and board members reportedly pushing for Mibe to resign and take responsibility for the company’s recent struggles.
- The information is based on interviews with six individuals familiar with Honda’s internal operations, many of whom requested anonymity.
