Honda cuts sales view amid tight competition
Print Edition
HONDA Motor Co cut its sales forecasts for this year citing competition in Japan and China as well as the impact of recalls on new model launches, but said a weak yen will help it stick to its operating profit estimate at 770 billion yen (US$7.1 billion).
Japan’s third-biggest automaker by revenue also said yesterday operating profit fell 4.1 percent to 164.4 billion yen in July-September, missing the 184.1 billion yen mean estimate of 14 analysts polled by Thomson Reuters.
The results came after US consumers filed a lawsuit against Honda and other carmakers as well as Takata Corp over mass recalls of cars equipped with potentially defective Takata air bags that have been linked to four deaths.
Last week, Honda also apologized for the fifth domestic recall of its Fit hybrid subcompact, for which the CEO and a dozen executives took pay cuts. It said it would consequently re-examine its process for developing cars.
“Our multiple recalls have caused a nuisance for our customers,” said Honda Executive Vice President Tetsuo Iwamura after the results. “As a result of this recall, we have had to do a full inspection of all the new models (in the pipeline). This has caused a delay.”
Honda expects to sell 4.62 million vehicles globally this year, down 4.3 percent than previously estimated. It cut its forecasts for Japan and for the rest of Asia.
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