Honda’s 0 Series Has Been Scrapped Due To Declining Demands For EVs

The Honda 0 Saloon, announced alongside that electric SUV, also has no future. Honda is halting development of the two electric models and simultaneously scrapping the development and introduction of the Acura RSX.

Honda explains that the elimination of the 0 Saloon, 0 SUV, and Acura RSX is related to improving the company’s financial situation as quickly as possible. Honda says it considered several options, but ultimately had no choice but to cut the three electric models from its automotive lineup before they were released. Honda’s profits are currently declining, partly due to US import tariffs and a weakened competitive position in Asia. Honda explains that the latter is due to the significant investment it made in developing electric cars.

As a result of the above, Honda expects a massive write-down on its balance sheet of up to 2.5 trillion yen, equivalent to more than 13.5 billion euros.

• Read More: Honda Reports Billion-Dollar Losses