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MarketScreener Homepage  >  Equities  >  Tokyo  >  Honda Motor Co., Ltd.    7267   JP3854600008

HONDA MOTOR CO., LTD.

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Honda Motor : China sales likely to catch U.S. sales in two-three years - CEO

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04/12/2019 | 01:37am EDT
Workers are seen on the production line at Honda Motor's new joint venture plant with Dongfeng Motor Group in Wuhan

WUHAN, China (Reuters) - Honda Motor Co Ltd's sales in China are likely to catch up with its sales in the United States within two to three years and the firm would like them to eventually overtake U.S. sales, the company's chief executive said on Friday.

Takahiro Hachigo made the comments to a small group of reporters after the official opening of a new plant in Wuhan, which has boosted the Japanese carmaker's China production capacity to 1.2 million vehicles a year.

Hachigo said that the catch-up could happen "soon", later clarifying to Reuters that he was referring to a two-to-three-year period.

"We would like China sales to overtake the U.S.," he said, adding that the company did not expect U.S. sales to increase significantly.

Honda last year sold roughly 1.7 million vehicles in the United States and 1.4 million in China.

MANUFACTURING CAPACITY BOOST

China's car industry is facing a slowdown in sales as economic growth falters, and its auto market, world's largest, contracted last year for the first time since the 1990s.

Honda's business in China has been relatively strong, despite a quality issue that depressed sales in the first half of last year.

It is poised to grow further this year and beyond, in part because sales remain robust for most Japanese carmakers thanks in part to a thaw in bilateral relations between China and Japan. As a result, some Japanese automakers including Honda are trying to boost their presence in China.

Hachigo also said that Honda had the ability to further expand its China manufacturing capacity, though it would consider such a move carefully.

Wuhan is a major production hub for Honda, operated with its joint venture partner Dongfeng Group. It has a second China joint venture with GAC Group in the southern city of Guangzhou, where it has three plants capable of producing 600,000 vehicles a year.

(Reporting by Norihiko Shirouzu in Wuhan; writing by Yilei Sun in Shanghai; editing by Richard Pullin and Stephen Coates)

By Norihiko Shirouzu

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Financials (JPY)
Sales 2020 15 424 B
EBIT 2020 754 B
Net income 2020 642 B
Debt 2020 4 944 B
Yield 2020 3,89%
P/E ratio 2020 7,93x
P/E ratio 2021 7,34x
EV / Sales2020 0,65x
EV / Sales2021 0,63x
Capitalization 5 096 B
Technical analysis trends HONDA MOTOR CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3 262,78  JPY
Last Close Price 2 895,00  JPY
Spread / Highest target 42,7%
Spread / Average Target 12,7%
Spread / Lowest Target -6,74%
EPS Revisions
Managers
NameTitle
Takahiro Hachigo President, CEO & Representative Director
Seiji Kuraishi COO, Representative Director, VP & Head-Strategy
Kohei Takeuchi Senior MD, Head-Finance & Administration
Yoshiyuki Matsumoto Senior Managing Director, Head-R&D
Toshiaki Mikoshiba Senior MD, GM-North America & Head-Sales
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