Honda is scrapping three of its most important EVs for the US, including the Acura RSX

Honda was set to launch three new electric vehicles in the US this year, but that will no longer happen.

The Japanese automaker announced on Tuesday that it’s canceling plans to launch three EVs in the US, which were scheduled for production at the Honda EV Hub in Ohio later this year.

Those models include the Honda 0 Series SUV and sedan (Saloon), and the Acura RSX. All three were scheduled to be built on Honda’s in-house “Zero” EV platform, unlike the Honda Prologue and Acura ZDX, which shared GM’s Ultium Platform with the Chevy Equinox EV and Cadillac Lyriq.

Honda blamed “the current business environment where the demand for EVs is declining significantly” for the sudden shift in EV plans.

The restructuring costs globally could reach 2.5 trillion yen ($15.7 billion), Honda warned, marking its first annual loss in nearly 70 years. Honda said its profits are taking a hit from US tariffs and from intensifying competition in Asia, as a wave of new EV brands from China enter the market with more advanced, more efficient vehicles.

In the US, electric vehicle sales have slowed in recent months, Honda said, “due to several factors including the easing of fossil fuel regulations and revisions to EV incentives.”

“Honda was unable to deliver products that offer value for money better than that of newer EV manufacturers, resulting in a decline in competitiveness,” the company said in a statement.

To turn things around and improve profitability, Honda will dedicate more resources to next-generation hybrids. Honda will monitor the balance between profitability and market trends in the long term, with plans to “flexibly” introduce new EVs.

Honda joins a string of other carmakers that announced plans to either delay or cancel a new EV in the US following the Trump Administration’s policy changes.

Hyundai, Kia, Volkswagen, Ford, and other major OEMs have scrapped major EV projects due to the changes, leaving US buyers with fewer choices.

With gas prices soaring, now everyone is paying. Honda invested over $4.4 billion to establish the Ohio EV Hub, one of the state’s largest economic projects, to create a North American supply chain for electric vehicle production.

Hyundai invested over $12.6 billion in Georgia for EV and battery production. With the Trump Administration killing off EV incentives and easing fossil fuel regulations, it’s not only putting the US behind China, Korea, Europe, and others shifting to electrification, but it’s also creating a ripple effect that’s already damaging the economy while consumers pay the price.

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Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising