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Honda posts its first annual loss ever
Honda has posted an annual loss for the first time in its nearly 70-year history and has scrapped its long-term EV sales target. This comes after the automaker was hit by more than US$9 billion in costs to restructure its electric-vehicle business. It also marks its worst financial report since Honda was listed on the stock market in 1957, underscoring how risky an aggressive bet on EVs can be when slammed with weaker-than-expected demand. Following this, Honda CEO Toshihiro Mibe said the company was scrapping its goal of having EVs account for a fifth of its new-car sales in 2030, as well as its target of a full shift to electric- or fuel-cell-vehicle sales by 2040. Mibe said Honda will also indefinitely suspend its Canada EV project, an $11 billion investment plan to produce EVs and batteries in what would have been the Japanese firm's largest-ever investment in the country. The total EV-related losses for the fiscal year ended March 2025 came in at 1.579 trillion yen (US$10 billion), leading to an operating profit loss of 414.3 billion yen. “Although the automobile business faced a harsh business environment — including higher tariff burdens and lower unit sales due to factors such as semiconductor supply shor
Motoring
Nissan to cut hundreds of jobs in Europe
Nissan is set to cut back its European workforce by 10%, as part of an ongoing restructuring. The job cuts will total around 900, across both warehouse and production roles and white-collar roles. Production will also be combined from two lines into one at the Sunderland, United Kingdom plant, following the 2020 closure of its main factories in Barcelona, which impacted around 3,000 jobs. The Japanese car maker announced the beginning of this restructuring plan last year, after considerable financial losses. "We have been taking decisive actions to ⁠enhance performance and create a leaner, more resilient business that adapts quickly to market changes," Nissan said in a statement.
Motoring
General Motors earnings surge on expected tariff refund
General Motors beat earnings estimates last quarter, and has lifted its guidance due to an expected refund after many United States tariffs were ruled unlawful. Earnings per share were US$3.70, up from $2.78 one year ago and above LSEG-compiled estimates of $2.62. Revenue dipped 0.9% to $43.62 billion, short of the estimated $43.68 billion. “In the first quarter of 2026, General Motors once again delivered strong financial performance, driven by our strategic product portfolio and disciplined execution by our teams, dealers, and suppliers,” wrote CEO Mary Barra in a letter to shareholders. “We maintained overall sales leadership in the U.S. and Canada. We led the U.S. industry in full-size pickup sales and share, with 42% of the market, and we were #1 in Fleet, including Commercial deliveries. In addition, we were #2 in EVs with growing market share, and #1 in Canada.” The company expects a $500 million benefit from tariff refunds, but has not yet received it. All U.S. tariffs instated under the International Emergency Economic Powers Act were ruled unlawful by the Supreme Court in February. In total, companies could be eligible for up to $166 billion in refunds after the decision. Customs and Border Protection laun
Motoring
Tesla results mixed amid robotics pivot
Tesla posted mixed results last quarter as it winds down production of its Model S and Model X vehicles and seeks to pivot to robotics. Revenue was up 16% year-over-year to US$22.39 billion, below LSEG-compiled estimates of $22.64 billion. Earnings per share were $0.41, rising from $0.27 and above estimates of $0.37. “We continued to make meaningful progress on the build out of the infrastructure and AI software that underpins our Robotaxi and future robotics businesses in Q1,” the company wrote. “We commenced ramp of additional AI compute, new factories across battery and battery materials, and further prepared lines for start of production of Megapack 3, Cybercab and the Tesla Semi.” Income from operations climbed 136% to $941 million, while operating expenses were up 37% to $3.78 billion. Automotive revenue increased 16% to $16.23 billion. Automotive gross margins were 19.2%, well above the 12.5% seen one year ago. The company said during the quarter that it would end production of the S and X models, and would reroute these vehicles’ factories to produce its Optimus robots. Tesla produced 394,611 Model 3 and Y vehicles during the quarter, up 14%, while production of other models fell 20% to 13,775. Deliver
Motoring
EV sales surge in key European markets
Sales of fully electric cars in key European markets surged in the first quarter of 2026, as drivers scramble for alternatives amid rising petrol prices caused by the war in Iran. New battery-electric vehicle (BEV) registrations, a proxy for sales, increased 29.4% year-over-year to nearly 560,000 in the quarter and rose 51.3% to over 240,000 in March across 15 European markets, according to data collected by the trade association E-Mobility Europe and the research firm New Automotive. Last year, those markets accounted for 94% of all BEV sales in the European Union and European Free Trade Association. These countries all align with EU laws regulating CO2 emissions, according to the Acea auto lobby. “March’s surge in electric car sales is one of Europe’s biggest recent gains in energy security, in a month when oil dependence has become a real vulnerability,” E-Mobility Europe secretary general Chris Heron said in a statement. According to a joint statement, the organisations said the half-million BEVs registered in the quarter were enough to reduce oil consumption by two million barrels per year. Europe's five largest EV markets, Germany, France, Spain, Italy and Poland, have recorded growth of more than 40% in BEV s

Motoring
Geely launches i-HEV intelligent hybrid platform
China-based automaker Geely has launched a new intelligent hybrid vehicle platform, which it has said will boost energy efficiency and challenge juggernauts in the sector like Toyota. Its i-HEV system includes artificial intelligence-powered energy management, the company said, which will calibrate energy efficiency based on conditions such as temperature and altitude. “China’s manufacturing and China’s innovation are striving to reach the world’s pinnacle,” said Geely Auto Group CEO Jerry Gan when announcing the i-HEV system at an event in Hangzhou. “To achieve this goal, innovation is the only path forward, especially confronted with the era-defining challenges of energy security and global carbon emissions.” “It will comprehensively surpass the hybrid technology from the Japanese,” said Geely Group spokesperson Victor Yang. A Geely Emgrand sedan recorded fuel consumption of 2.22 litres per 100 kilometres in highway tests when equipped with the i-HEV system, Geely said. This set a new Guinness World Record, according to the company. The previous world record was set by Toyota’s Prius in 2024, at 2.53 litres per 100 km. The i-HEV platform will also integrate intelligent driving functions to offer a driving ex
Motoring
Lofty sales goals set by Mercedes US CEO
The United States and Canada CEO of Mercedes-Benz has set high goals for this year, despite global circumstances creating a difficult motoring market. Adam Chamberlain, who was appointed to the role in 2020, acknowledged that “the market environment is definitely a little tougher than we anticipated”, but the car maker still has big plans for 2026. Last week, it was announced that US$4 billion (A$5.821 billion) would be invested into the Alabama-based plant, through to 2030, to boost SUV production and help reach the ambitious target of a 28% increase in U.S. car sales. In 2025, the Mercedes group sold 2,160,000 cars, with over 300,000 over those in the States, and a goal of 400,000 by 2030. But with ongoing geopolitical tensions causing huge rises in petrol prices, higher interest rates on auto loans and changing tariffs, Chamberlain acknowledged the motoring market was trickier than anticipated this year. “If you look at the market in the first couple of months of the year, the market environment is definitely a little tougher than we anticipated,” Chamberlain said to CNBC last week at the Alabama plant. “I think there are lots of distractions out there, whether it’s geopolitics and everything else.”
Motoring
EVs reach record market share as sales double
Electric vehicles (EVs) achieved their highest share of the Australian vehicle market after sales surged in March, according to the Federal Chamber of Automotive Industries (FCAI). FCAI Chief Executive Tony Weber said 15,839 battery EVs were sold in March, accounting for 14.6% of total sales, up from 7.5% in March 2025, according to VFACTS (Vehicle Facts) sales data. Weber said that although EV sales grew strongly, rising 94.7% between March 2025 and March 2026, this may reflect short-term influences. “It is too early to determine whether this represents a structural shift in the market,” he said in a media release. “More consumers are considering EVs due to the disruption to fuel supply caused by conflict in the Middle East, along with the review into the fringe benefits tax concession for EVs." Total vehicle sales fell 3.3% to 105,058 in March 2026 compared with March 2025. He said the automotive industry would welcome a sustained shift to EVs, given its substantial investment in bringing more than 100 EV models to the Australian market and the industry’s efforts to meet ambitious New Vehicle Efficiency Standard (NVES) targets. “A long-term shift to EVs will require Australian governments to sharpen their fo
Motoring
Tesla deliveries to grow slightly in Q1
Tesla deliveries are expected to rise slightly, despite another slip in sales and a difficult EV market. According to Bloomberg consensus, the EV maker is expected to deliver 364.645 vehicles globally in Q1, which is a 9% jump from last year year-over-year. This is despite the company’s total from last year being down due to the changeover to the new Model Y, which impacted sales. Tesla’s expected total for Q1 2026 is up only marginally compared to a poor quarter for the company. In addition, backlash a year ago against CEO Elon Musk’s role in the White House was at its highest, with protests at Tesla dealerships around the globe. This also comes as Tesla shows signs of rebounding in Europe, after vehicle registrations rose sharply in March in France and Denmark. In France, the company hit an all-time high with a 203.1% jump in registrations to 9,569. Tesla (NASDAQ: TSLA) stock rose 2.56% on Wednesday (Thursday AEDT) to US$381.26.