Honda cuts earnings by 15% amid chip scarcity

Honda’s manufacturing plans have been minimize brief in September, with world manufacturing down 30 % from a yr earlier.

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Honda cuts its automobile gross sales plan from 4.85 million to 4.2 million autos this fiscal

Honda Motor Co on Friday minimize its full-year revenue forecast by 15 % to 660 billion yen, as a world chip scarcity compelled it to chop automobile manufacturing.

Like different automakers, Honda has slashed manufacturing plans, with world manufacturing in September falling 30 % from a yr earlier.

On Thursday, massive rival Toyota Motor minimize its full-year gross sales goal and warned semiconductor shortages nonetheless posed a threat to its annual manufacturing plans.

Honda’s forecast, which it has minimize twice since August, falls wanting a median forecast of 764.5 billion yen in revenue by 20 analysts, Refinitiv knowledge confirmed.

Honda diminished its automobile gross sales plan to 4.2 million autos this fiscal from 4.85 million, up from 4.5 million within the earlier 12 months.

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In the three months to September 30, Honda stated working revenue fell by almost a 3rd to 198.9 billion yen. That consequence exceeded the typical forecast of $183.5 billion based mostly on estimates from 9 analysts, Refinitiv knowledge confirmed.

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