Honda Motor (HMC) reappointed Chief Executive Toshihiro Mibe to its board Friday after he apologized to shareholders for the company's financial performance, news outlets reported.
The company incurred more than $9 billion in charges for failures in its gamble on electric vehicles and competition from China, Reuters reported.
According to the reports, the company's EV strategy failed and it reversed course after the US nixed subsidies for alternative-energy vehicles.
Honda did not immediately reply to MT Newswires' request for comment.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments