Honda CEO Toshihiro Mibe survives, takes 30% pay cut
Honda's CEO, Toshihiro Mibe, just faced a major challenge from company leaders after Honda reported its first annual loss in nearly 70 years.
The executives were not happy about the company's poor performance in China and felt Mibe was focusing too much on sports sponsorships instead of fixing core business issues.
They also pointed out that morale inside Honda has taken a hit.
Honda drops 2040 EV target
Things got heated when a former CEO even called for Mibe to step down, but he stayed on, taking a 30% pay cut to show accountability.
In response to the financial troubles, Honda is making some big shifts: three electric vehicle models are canceled, plans to go fully electric by 2040 are dropped, and timelines for key cars like the Odyssey and HR-V have been extended.
There is also talk of a sportier Accord (possibly hybrid-only by 2030) and a new hybrid V6 engine coming in 2027 for better efficiency and towing power.