Honda Cuts Profit Forecast by 64%
Honda, the Japanese carmaker, on Wednesday issued its third profit warning of the year.
This is the latest sign of the dramatic drop in demand that has hammered the global car industry.
Honda lowered its full-year forecast for net profits by 64 percent to ... $2.08 billion, for the year ending March 31, highlighting how tough the market has become as consumers, constrained by tight credit conditions and worried about the gloomy economic conditions, hold back spending even on the smaller and more fuel-efficient cars that had been expected to help Honda survive the current crisis better than many of its rivals.
“The environment is worsening day by day, and we see no sign of a recovery,” Honda’s president, Takeo Fukui, said at a press conference in Tokyo, according to Bloomberg News. “Our task is to respond to a sharp drop in sales.”
Source: NADA Headlines
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