Honda Delays Next-Generation Models and Ends U.S. EV Sales After $15.7 Billion in Losses

Honda is delaying the next-generation redesign of five models for multiple years after reporting $15.7 billion in losses on its electric vehicle programs. The affected models are the Odyssey minivan, Accord sedan, HR-V crossover, Acura MDX and Acura Integra.

According to reports citing company planning documents, the current-generation Odyssey, which dates to 2017, will now be succeeded in 2030. The company had briefly considered discontinuing the Odyssey but decided to retain a hybridized version of the model.

Honda will cancel its current U.S. electric vehicle model at the end of this year. Starting in January 2027 the company will have no new electric vehicles available for sale in the United States. The model had been on the market for two years. Honda is also withdrawing from the South Korean market after 23 years, citing inability to compete effectively.

The delays and cancellations follow weaker-than-expected demand for battery electric vehicles. Honda is shifting focus to hybrid technology for the delayed redesigns while maintaining its core gasoline and hybrid lineup.

Separately, Nintendo said it will raise the price of its latest console from $449.99 to $499.99 in the United States and from €469.99 to €499.99 in most European countries beginning in September. The company attributed the increase to sharp rises in the prices of random access memory and storage components, which are also in high demand for artificial intelligence data centers.

Nintendo reported nearly 20 million units sold since the console's launch last June and a 52 percent rise in annual profit to 424 billion yen.

"We sincerely apologise for the impact these price revisions may have on our customers and other stakeholders, and we deeply appreciate your understanding," the company said in a statement. Nintendo also plans to increase subscription prices for its online services in Japan.

The console price adjustment follows a similar move by Sony on its PlayStation 5 last month. Valve has delayed the release of its own PC-console hybrid device announced the previous year. Multiple reports attributed RAM and storage shortages to competition from the artificial intelligence sector.