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00:02Honda said it will cancel three electric vehicles that were months from production
00:06at its EV hub in Ohio, according to Engadget. The models were built on Honda's Xero platform
00:11and were expected to be the company's first fully in-house EVs.
00:15Honda said slower U.S. EV demand followed the elimination of federal EV tax credits,
00:21eased fossil fuel regulations, and tariffs. Honda said it could not match the value offered
00:26in China by newer automakers producing software-driven vehicles on shorter development cycles.
00:31Honda will redirect resources toward next-generation hybrids and expand in India's hybrid market.
00:36The EV restructuring could cost up to $15.7 billion and may lead to Honda's first loss
00:42since going public in 1957. CEO Toshihiro Maib and Executive Vice President Noria Kaihara
00:49will forego 30% of their pay for three months, while other senior executives will give up 20%.
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