Honda Motor expects charges of up to ¥2.5 trillion ($15.7 billion) as it rethinks its electric vehicle strategy, with the Japanese carmaker joining a growing list of global brands battered by the unraveling EV transition.

 

The carmaker said Thursday that it would cancel the development and launch of three EV models that had been planned for North America. Honda forecasts losses for the fiscal year ending March will be between ¥270 billion and ¥570 billion.