BusinessHonda Lowers Revenue, Automobile Gross sales Forecast Over Chip...

Honda Lowers Revenue, Automobile Gross sales Forecast Over Chip Crunch | Enterprise Information


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By YURI KAGEYAMA, AP Enterprise Author

TOKYO (AP) — Japanese automaker Honda lowered its revenue and car gross sales forecasts for the fiscal 12 months, pointing Friday to shortages of pc chips and rising materials prices.

Honda Motor Co. recorded a 31% drop in its fiscal second quarter revenue, to 166.6 billion yen ($1.5 billion) from 240.9 billion yen final 12 months.

Quarterly gross sales slipped 7% to three.4 trillion yen ($30 billion).

Honda is amongst many world producers laborious hit by a scarcity of pc chips as a result of disruptions associated to the pandemic.

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Honda Lowers Revenue, Automobile Gross sales Forecast Over Chip Crunch | Enterprise Information

Honda Govt Vice President Seiji Kuraishi apologized for the issue.

“We really feel so sorry about all these folks ready eagerly for our automobiles,” he stated, making a slight bow at a information convention.

Kuraishi stated the availability scenario was beginning to enhance, however the restoration in Honda manufacturing doubtless received’t come on this fiscal 12 months. Honda plans to rev up manufacturing within the subsequent fiscal 12 months to make up for the loss, and the present issues received’t damage investments in future know-how comparable to electrical autos, he stated.

Honda expects a 555 billion yen ($4.9 billion) revenue for the fiscal 12 months by way of March 2022. That’s down 16% from the earlier fiscal 12 months, and decrease than an earlier forecast for a 670 billion yen ($5.9 billion) revenue.

Honda, which makes the Accord sedan, Cross Cub 110 bikes and Asimo humanoid robots, offered 917,000 autos within the July-September interval, down from 1.25 million autos final 12 months.

Tokyo-based Honda now expects to promote 4.2 million autos for the fiscal 12 months by way of March 2022. It had earlier forecast gross sales of 4.85 million autos. Honda offered 4.5 million autos final fiscal 12 months.

Yuri Kageyama is on Twitter

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