Honda Motor shares dropped by over 6% after the company announced that it could face a first annual loss in almost 70 years as a public company. The reason for the loss is that the company will incur restructuring costs of up to $15.7 billion as it cancels plans for three electric vehicles in the U.S. and changes its electric vehicle strategy. The company is also writing down the value of its Chinese business due to high competition from automakers such as BYD.
Honda Shares Slide More Than 6% as Automaker Faces First Annual Loss
