Honda targets US$9.4bil in supplier cost cuts by 2030 to counter Chinese EV rivals
Honda has instructed its suppliers to cut costs by more than US$9 billion over the next four years to counter competition from Chinese EV makers like BYD. The plan, revealed in internal documents, includes reducing costs by 30% in key parts categories and sourcing more components from Chinese suppliers. The automaker is shifting focus to hybrids after expecting EV-related losses to exceed US$12 billion.