Tokyo, June 26 (Jiji Press)--Honda Motor Co. President and CEO Toshihiro Mibe apologized to shareholders Friday for the Japanese automaker's huge net loss incurred mainly for scaling back its electric vehicle ambitions. "I deeply apologize for the great concern and inconvenience we have caused," Mibe said at a general meeting of shareholders in Tokyo. Honda posted a consolidated net loss of 423.9 billion yen for the year through March, falling into the red for the first time since its 1957 listing. Some shareholders criticized Honda for waiting a long time to reverse course on its EV strategy, saying that "management had become rigid." Mibe faced a call for dismissal. But all 11 board nominees were approved, including Mibe, who secured reappointment. Before the meeting, former Honda employee Takuya Sato, 59, who said he had worked at the company for more than 30 years, opposed Mibe's continued tenure. "He should take full responsibility," Sato said. Honda had pledged that all new vehicles sold globally by 2040 would be electric or fuel cell-powered. But weakening EV demand, accelerated by the rollback of EV incentives under U.S. President Donald Trump led the company in March this year to halt the development and launches of some EV models. Its EV joint venture with Sony Group Corp. has effectively stopped operating. Honda is shifting its focus to hybrid vehicles. It plans to launch 15 models globally by fiscal 2029. END [Copyright The Jiji Press, Ltd.]