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Honda has seen profits slide 15%, with higher R&D expenses, foreign exchange headwinds, and weak sales in China taking a toll. There are also concerns that Honda's Mexico-built models could be subject to potential tariffs under the new administration.
Mazda, Jaguar Land Rover, and BMW have all reported significant profit declines as well, with supply chain issues, weak Chinese demand, and other macroeconomic factors weighing heavily.
New EV Startups Hemorrhaging Cash
The troubles are not limited to the traditional automakers. Upstart EV companies like Rivian and Lucid are also struggling mightily.