Honda’s reversal of U.S. EV strategy, looming challenges in China, Reuters says

Honda’s (HMC) $15.7B writedown of its EV business demonstrates a reversal of its U.S. strategy and highlights challenges to come from China, Daniel Leussink of Reuters reports. The company has scrapped three models that were due to be built in the U.S., with Honda now planning to pivot to hybrids in the country. The company’s intention to fix its China business, however, may prove to be more daunting. The company has warned of its inability to keep up with newer companies due to their shorter development cycles and strengths in software-driven vehicles.