EV sales will be 25% of global light vehicle sales this year (five years ahead of 2030 predictions). I would ask that you provide counterfactual evidence this is not detrimental to Honda's long term survival as an automaker. Only ~17-18M units are sold annually in the US of light vehicles, there simply isn't enough combustion TAM for everyone who doesn't want to sell EVs to survive. Forward looking, the combustion vehicle TAM will only compress over time.

Ranked: Automakers by U.S. Market Share - https://www.visualcapitalist.com/ranked-automakers-by-u-s-ma... (Honda has ~9% of US market share)

U.S. Electric Vehicle Sales Increase More Than 10% Year Over Year in Q1: GM Drives EV Growth While Tesla Declines - https://www.coxautoinc.com/market-insights/q1-2025-ev-sales/ - April 10th, 2025

1 in 4 cars sold in 2025 will be EVs, and that’s just the beginning - https://electrek.co/2025/05/13/1-in-4-cars-sold-in-2025-will... - May 13th, 2025

Wikipedia: Electric car market share by country - https://en.wikipedia.org/wiki/Electric_car_use_by_country#Ma...

IEA Global EV Outlook 2025 - https://www.iea.org/reports/global-ev-outlook-2025 - May 2025

> Electric car sales in 2025 are expected to exceed 20 million worldwide to represent more than one-quarter of cars sold worldwide. Sales were up 35% year-on-year in the first three months of 2025, with record first-quarter sales in all major markets. In China, the continuation of incentives for replacing older vehicles and falling electric car prices mean electric cars are projected to reach around 60% of total car sales in the country in 2025. Emissions standards in the European Union and the United Kingdom will require higher shares of zero-emission car sales in 2025. Building on more than 20% year-on-year sales growth observed in the first quarter, these policy pushes are expected to drive up electric car sales in Europe in 2025 to reach a sales share of 25%, despite flexibility given to automakers for meeting the 2025 EU emissions reduction target. While the 2025 outlook for electric car sales in the United States is uncertain based on today’s policy direction, sales are currently expected to maintain the 10% growth observed in the first quarter; as consumers take advantage of existing tax credits in view of their potential repeal, electric car sales are projected to reach 11% of total car sales over the full year. In emerging economies other than China, sales are expected to continue growing strongly, increasing by 50% to reach 1 million in 2025.