After experiencing its first loss in seventy years, Honda (HMC.US) CEO apologizes and stops the electric strategy, shifting the focus back to hybrid growth.

According to the Zhitong Finance APP, Honda Motor, a large car manufacturer headquartered in Japan, CEO Takahiro Hachigo apologized to shareholders for the company's poor financial performance at the annual shareholders' meeting on Friday and received unanimous support from shareholders, allowing him to be re-elected as a member of the board of directors of this Japanese automotive giant. The CEO stated at the shareholders' meeting that Honda is seeking to recover from costly strategic mistakes. The company reported its first annual loss in 70 years last month, with restructuring costs exceeding $9 billion in the failed electric vehicle business and significant competition pressure from Chinese competitors.