Honda, Canada
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Honda is the latest automaker to warn of a massive hit to its profits as a result of President Trump's auto tariffs.
Slowing demand for EVs and US tariffs impact on Canada’s auto sector force the Japanese automaker to postpone plans for an EV supply chain in Ontario, dealing a severe blow to Canadian EV ambitions.
Honda announced the postponement on Tuesday after forecasting a 59 per cent profit decline in the current fiscal year.
The development won’t affect jobs at Honda’s Alliston, Ont., plant, but it comes at a turbulent for the province’s automotive industry
U.S. equities were mixed at midday, with tech shares and a better-than-expected consumer inflation report lifting the S&P 500 and Nasdaq.
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Nissan has more than doubled its number of planned job cuts to 20,000, while Honda has estimated a $3bn blow from US tariffs will cut annual profits by more than half, as leading