(Updates to add Honda ( HMC ), revises total tally, updates graphic)
By Alessandro Parodi
March 12 (Reuters) - Global carmakers have booked over
$70 billion in writedowns in the past year as they scale back
electric vehicle ambitions on a tough U.S. market under
President Donald Trump, price wars in China and a more complex
mix of vehicle types in Europe.
The latest to join the growing pile is Japan's Honda ( HMC )
, which on Thursday said it expected a hit of $15.7
billion over the next few years to restructure its EV business.
CEO Toshihiro Mibe said the group would focus on hybrids,
echoing moves by peers Stellantis ( STLA ), Ford,
General Motors ( GM ) and Volkswagen, which
backtracked on their EV ambitions or launched new combustion
engine models.
Legacy carmakers are struggling to keep up with new
entrants, especially from China, and watered down
electrification targets in Europe and in particular the U.S., a
key market where the EV shift has stalled sharply.
HONDA ( HMC )
Japan's second-largest automaker said on March 12 it expects
to lose 2.5 trillion yen ($15.7 billion) over the next few years
as it scraps the development of some planned EV models.
It added that it expects to lose as much as 570 billion yen
in the year to the end of March, versus a previous forecast for
a profit of 550 billion yen.
STELLANTIS ( STLA )
The Franco-Italian automaker booked on February 6
its huge writedown, the biggest yet, which it said was linked to
rejigging its product lineup to meet consumer demand and new
emission regulations in the United States.
The writedown includes payments of approximately 6.5 billion
euros expected to be made over the next four years.
FORD MOTOR ( F )
The Dearborn, Michigan-based company said in December
it would take a $19.5 billion writedown and kill several EV
models, and pivot hard into gas and hybrid models instead.
GENERAL MOTORS ( GM )
The largest U.S. automaker by sales said in January
it would take a $6 billion charge to unwind some
electric-vehicle investments, including a $4.2 billion cash
charge related to contract cancellations and settlements with
suppliers.
VOLKSWAGEN/PORSCHE
Volkswagen, Europe's top carmaker, said last
September it would take a 5.1 billion euro ($6 billion) hit from
a far-reaching product overhaul at its Porsche unit,
which delayed some EV models in favour of hybrids and combustion
engine cars.
That included an around $3.5 billion impairment charge.
($1 = 0.8477 euros)
($1 = 158.6900 yen)