Honda Motor (HMC) reappointed Chief Executive Toshihiro Mibe to its board Friday after he apologized to shareholders for the company's financial performance, news outlets reported.

The company incurred more than $9 billion in charges for failures in its gamble on electric vehicles and competition from China, Reuters reported.

According to the reports, the company's EV strategy failed and it reversed course after the US nixed subsidies for alternative-energy vehicles.

Honda did not immediately reply to MT Newswires' request for comment.