Honda posts document profit, issues cautious forecasts

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Honda posts document profit, issues cautious forecasts
Honda posts document profit, issues cautious forecasts

Honda has made immense outlays because it aggressively pursues an ambitious map of acheiving 100 percent electrical automotive sales
Honda has made immense outlays because it aggressively pursues an ambitious map of acheiving 100 percent electrical automotive sales.
Portray: Richard A. Brooks / AFP
Source: AFP

Jap auto huge Honda on Friday logged a document annual profit thanks to bettering world automotive sales, however issued a cautious outlook for the current fiscal year.

The corporate acknowledged receive profit for the year to March soared 70 percent to 1.1 trillion yen ($7.1 billion) on sales of 20.4 trillion yen, up 20.8 percent from the old year.

Honda has made immense outlays because it aggressively pursues a map convey three years ago of achieving 100 percent electrical automotive sales by 2040.

Its 2023-24 results draw two weeks after it announced the largest automotive investment in Canada’s historical previous for a brand current US$11 billion EV battery and automotive assembly plant.

The corporate already has a partnership in electrical vehicles with Sony, and is exploring collaboration with arch-rival Nissan as they face a “once-in-a-century” upheaval in the automotive exchange — a pass analysts teach is geared toward catching up with Chinese EV rivals.

On Friday, Honda acknowledged world automotive sales were up, thanks largely to its vehicles’ recognition in the US.

Sales volume used to be down in China, however, whereas its bike division’s sturdy sales in India and Brazil offset falls in Vietnam.

Designate increases and the outmoded yen boosted profits total, Honda acknowledged.

For the year to March 2025, the company expects receive profit to fall 9.7 percent to 1.0 trillion yen on sales of 20.3 trillion yen, down 0.6 percent.

Rising prices and changes to foreign exchange rates could perchance perchance merely save stress on company results going forward, it acknowledged.

Car sales in the US and the Jap markets are expected to develop, Honda acknowledged, however it predicted sales in the comfort of Asia would ease.

Nissan on Thursday acknowledged it had nearly doubled its 2023-24 receive profit, weathering challenges in the Chinese market, however forecast a dip of spherical 10 percent for 2024-25.

Toyota, the sphere’s high-selling automaker, additionally posted a document annual receive profit this week.

Source: AFP

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