Nissan shares surged 22.54% following reports of merger talks with Honda and Mitsubishi. The potential merger could create one of the world’s largest automakers, exceeding 8 million annual sales. While Nissan and Honda’s year-to-date stock performance is negative, Mitsubishi shows a small increase. The combined entity would still trail Toyota and Volkswagen in sales.
Toyota and Honda, two automotive giants, reported weaker-than-expected profits in their fiscal second quarter, primarily due to production disruptions and challenging macroeconomic conditions. Toyota’s profit declined for the first time in two years, while Honda’s operating profit plummeted due to sluggish sales in China. Despite these challenges, both companies remain optimistic about their long-term prospects.
Honda Motor Company has announced a recall of 1.7 million vehicles due to a defect in the steering gearbox worm wheel. The issue could lead to increased steering effort and difficulty, potentially raising the risk of a crash or injury. The recall affects popular models like the Honda Civic 4D, Honda CR-V, and Honda CR-V Fuel Cell Electric Vehicle, manufactured between 2022 and 2025.
Both Alpine and Honda were found to have procedural breaches regarding the Formula 1 cost cap regulations for the 2023 season, but both teams remained under the spending limit. The FIA is proposing a settlement with both teams via an Accepted Breach Agreement, which would result in a fine instead of sporting penalties.
Spanish oil giant Repsol will no longer sponsor the Honda MotoGP team starting next season, marking the end of a 30-year partnership that saw them achieve numerous championships and victories. The decision comes as Honda struggles to maintain its competitiveness in the sport.
Honda is gearing up for global domination with a new platform (PF2) for its small and medium cars, placing India at the center of its strategy. The PF2 will support both petrol and electric powertrains, focusing on a diverse range of vehicles, including a 7-seater SUV and a sub-compact SUV, all planned for launch by 2029. This ambitious plan signifies Honda’s commitment to capturing the growing Indian market while simultaneously supplying vehicles to global markets.
Japanese automaker Honda announced on Thursday that it will significantly increase its investment in electric vehicle (EV) development, aiming to double its funding to a staggering $65 billion by 2030. This represents a substantial increase from the previous allocation of 5 trillion yen earmarked for EV technology during the same period. Honda’s decision underscores its commitment to shaping the future of mobility and capturing a significant share of the rapidly growing EV market.
Prime Minister Justin Trudeau and Ontario Premier Doug Ford visited Alliston, Ontario to announce a major investment in Honda’s electric vehicle production. The event highlighted Canada’s commitment to clean energy and job creation in the automotive sector.
Honda is building an electric vehicle battery plant in Alliston, Ontario as part of a $15-billion investment that includes retooling its assembly plant in Alliston to produce fully electric vehicles. The project also includes two key battery parts facilities located elsewhere in Ontario. There will likely be some capital investment from at least one level of government, but the deal does not involve production subsidies. Instead, the federal government has proposed in its recent budget a 10 per cent Electric Vehicle Supply Chain investment tax credit, which Honda could claim on top of an existing 30 per cent Clean Technology Manufacturing Investment tax credit.
Honda’s upcoming announcement of a multi-billion dollar investment in Ontario’s electric vehicle (EV) sector is a major milestone in Canada’s automotive industry. The deal is expected to be the largest in Canadian history, surpassing Volkswagen’s recent $7 billion battery plant investment. Honda’s plans include assembling EVs and establishing a supply chain for EV components in the province. This investment is a significant boost to Canada’s efforts to become a leader in the EV sector and meet its carbon emissions reduction targets.
