Honda Motor on Thursday reported its first annual loss in 70 years following costs of its retreat from previous electric vehicle ambitions weighed on the company's financial picture. 

The automaker reported a net loss of $2.7 billion for the fiscal year ended March 31, with earnings hit by more than $9 billion in restructuring charges and write-downs stemming from a retreat from its previous EV strategy, the New York Times reported. 

This is the first loss the company has reported since it was listed on the Tokyo Stock Exchange in 1957. 

Toshihiro Mibe, Honda's CEO, said in a news conference on Thursday that the business and customer demand for EVs didn't fall in line with the company's expectations.