Honda tells suppliers to cut costs in $9 billion push to fend off China: Reuters

Honda has told suppliers to cut costs aggressively as part of a $9 billion effort over the next four years aimed at improving competitiveness against Chinese automakers, according to internal documents and a person familiar with the matter cited by Reuters. The company’s plan, first reported by Reuters, seeks to save 1.5 trillion yen ($9.4 billion) by 2030 and focuses on reducing costs by 30% in three categories: pressed and forged components, electrical parts, and software-defined-vehicle (SDV) related components. Honda expects EV-related losses to exceed $12 billion and is shifting toward gasoline-electric hybrids.