Honda Motors reported its first annual loss in nearly 70 years, which came as a result of an emphasis on electric cars.
The Japan-based car company has been listed on the stock market since 1957, but the combination of electric vehicle bets and Trump trade policies led to its first-ever year in the red.
“EV demand has declined considerably, due to the rollback of environmental regulations in the U.S. and other factors,” Honda said in a statement, per a report from Fox Business.
The company faces $9 billion in restructuring costs because of the lackluster electric vehicle demand.
It suffered a $2.7 billion loss in the past fiscal year, according to a report from the Associated Press.
Honda Motors CEO Toshihiro Mibe confirmed that it would scrap a previous target to make electric vehicles account for 20 percent of profits by 2030.