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Honda is expected to face expenses of up to 2.5 trillion yen as it reexamines its electric vehicle strategy, joining the ranks of global brands that have suffered heavily due to setbacks in the transition to electric vehicles. The company announced on Thursday that it will cancel plans to develop and launch three electric vehicle models in the North American market. Honda expects to incur a loss of between 270 billion yen and 570 billion yen for the fiscal year ending in March. Just last month, Honda issued a warning about the increasing expenses related to its electric vehicle business, and its latest outlook is in line with some of the industry giants in the automotive sector. Stellantis had previously stated that it would incur over 22 billion euros in costs due to the reversal of its electric vehicle strategy; Ford also announced losses of 19.5 billion dollars due to its business adjustments.