A $15.7 Billion EV Write-Down Lead To Honda's First Unprofitable Year Since 1957

Honda Motor Company (HMC) stock dropped after it reported a write-down so big it resulted in the company's first annual loss since it listed on the Tokyo Stock Exchange in 1957.

On Friday, Honda disclosed a $15.7 billion charge related to restructuring its electric vehicle segments. The company is canceling plans for three upcoming EVs models meant for the North American market. Honda stock listed in the U.S., which trades as an American depository receipt, fell 1.5% before the market opened. Overseas shares on the Tokyo Stock Exchange fell more than 5%.