Honda said it is cutting costs but acknowledged continuing uncertainty over supplies and production for various reasons, such as Chinese lockdowns to battle coronavirus outbreaks.
The semiconductor shortage has hurt sales, despite strong demand for Honda models, the company said. Honda was securing alternative suppliers, it said.
“I deeply apologize for the problems we have caused for those customers graciously waiting for our cars,” Honda Chief Financial Officer
In the fiscal year that ended in March, Honda posted a
Honda, which makes the Accord sedan, Odyssey minivan and Civic compact, sold about 4 million vehicles for the fiscal year, down from 4.5 million vehicles. Vehicle sales dropped in
Motorcycle sales for the fiscal year increased 12.5% to 17 million motorcycles, as sales grew especially in
Honda is projecting a profit of
The problems affecting Honda have hurt all automakers. But Japan’s top automaker
Like the rest of the industry, Honda has grown bullish on electric vehicles. It recently announced an investment of
Honda said recent volatility in foreign exchange rates was unhelpful and it hoped for more stability.
The yen is at a two-decade low against the
The potential impact on the global economy from the war in
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