Honda sees up to 690 bil. yen net loss, 1st annual net loss since listing

Honda Motor Co. said Thursday it expects its first full-year net loss since its listing nearly 70 years ago this fiscal year, as it estimates losses of 2.5 trillion yen ($16 billion) linked to a revamp of its electric vehicle business.The Japanese carmaker said it will likely plunge into a net loss of between 420 billion yen and 690 billion yen for the current business year ending this month.The new forecast is a sharp turnaround from its earlier projection of 300 billion yen in profit and would be its first net loss since its listing in 1957.Given the dismal earnings, its CEO and vice pres…READ FULL ARTICLE