Honda Cancels EV Plans Citing Competition From China
Scrapping of this EV program will mean huge losses for the carmaker while it also admits in China, there is a shift in car buying trends towards software based features.
- Honda cancels three upcoming EVs for US and India markets.
- Company cites unfavorable policies, low EV demand, and falling competitiveness.
- Shift in China's market and new EV makers also contributed.
Honda cars has cancelled it's electric cars which were due for launch in the the US and India. In a surprising move, the Japanese carmaker has cancelled not but three upcoming EVs including the 0 Series SUV and sedan while the 0 Alpha SUV for now has not been officially cancelled for India but it's fate is uncertain. Honda showed its future products at the Japanese Motor show but the shocking move comes months before these cars were scheduled to be launched. Honda cites that unfavorable policies, lack of EV demand plus also confirms its products declining in competitiveness in Asia due to more allocation of resources for EV development.
Scrapping of this EV program will mean huge losses for the carmaker while it also admits in China, there is a shift in car buying trends towards software based features and emergence of new EV makers have also made it difficult for the carmaker. Honda says it's automobile business is now challenging and with lack of EV demand, it has cancelled it's plans for EVs.
Do note in the three EVs cancelled, the India spec 0 Alpha isn't there as that was not for US hence we can expect that EV to come but again it's not confirmed. The carmaker will now develop more hybrid models and for India it will bring more products. Hence, for the India business, Honda will bring more products as said before which does not change as of now.
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