(Yicai) March 13 -- Twelve multinational auto companies that faced setbacks in their electrification transition have already withdrawn or slowed down their related plans, racking in losses of about CNY500 billion (USD72.6 billion).

These 12 global automakers are Audi, Bentley, BMW Group, Ferrari, Ford Motor, General Motors, Honda Motor, Lamborghini, Mercedes-Benz Group, Porsche, Stellantis, and Volkswagen Group, according to incomplete statistics from Yicai.

Five of the world's top 10 carmakers reported losses last year for adjusting their electrification strategies.

Ford's electric vehicle business faced low capacity utilization, mainly because of the price wars and high research and development expenses, affecting the company's overall performance. Last December, it announced cuts to its EV plans and recognized about USD19.5 billion in special project costs, around USD5.5 billion of which had a cash impact.

GM accumulated around USD7.6 billion in losses due to the contraction of its EV business last year. To mitigate the financial pressure, the firm has postponed its electric pickup truck plans and redirected some EV production lines back to fossil fuel-powered sport utility vehicles and pickups.

Porsche announced last September that it would terminate its battery production plans and postpone the launch of fully electric models, opting to extend the lifecycle of its gasoline vehicles. This resulted in a one-time cost of EUR1.8 billion (USD2.1 billion), primarily because of adjustments to its EV platform, production line restructuring, and the termination of battery projects.

Honda said it will likely report its first annual loss in 70 years, expecting a net loss of JPY420 billion to JPY690 billion (USD2.6 billion and USD4.3 billion) for the fiscal year 2026 ending March 31. This forecast is primarily due to anticipated total costs and losses of up to JPY2.5 trillion (USD15.7 billion), resulting from a reevaluation of its electrification strategy.

From 2027 to 2030, Honda will launch 13 new-generation hybrid models globally to boost its performance, the firm noted, adding that its sales of pure electric cars will account for less than the previously set target of 30 percent by 2030.

Global EV sales will likely increase 15.7 percent to 23.9 million units in 2026 from last year, compared with a 20 percent growth to 20.7 million units in 2025 from the year before, according to consulting firm Benchmark Mineral Intelligence.

China's EV sales growth is expected to accelerate to 21 percent from 17 percent this year from last year, and Europe's is expected to slow down to 14 percent from 33 percent, Benchmark predicted. Meanwhile, EV sales in North America may plunge 23 percent in 2026, primarily due to an anticipated 29 percent drop in sales in the United States, compared with a decline of just 4 percent in 2025.

Editor: Futura Costaglione