Honda cancels three electric vehicles and expects its first annual loss in decades

Honda is canceling production of three electric vehicles it had planned to make in the United States. The company is blaming tariffs and competition from Chinese automakers for the decision.

The move is part of a major reassessment of its electric vehicle strategy. Honda expects this to result in a one-time charge of up to $15.7 billion, which will push the company to its first annual net loss since it went public in the 1950s.