Honda Recorded A 23 percent Profit In The 2nd Quarter Of 2024

The Japanese company Honda Motor states that it increased its profit in the first quarter by 23 percent, and this was influenced by the weaker yen and the growth of hybrid vehicles in the US and on the domestic market.

Japan’s second-largest automaker said quarterly operating profit was 484.7 billion yen ($4.4 billion) in the April-June period, compared with an average analyst estimate of 472.4 billion yen, Reuters reports.

The company maintained its full-year operating profit forecast of ¥1.42 billion while cutting its outlook for sales in China by 21 percent to 840,000 vehicles in the period.

Honda said last week that its global vehicle sales rose two percent to 1.9 million in the first six months of the year, largely due to a nine percent rise in sales in the US, its biggest market. In contrast, the car company faced a difficult period of business in China, as it recorded a 23 percent drop in sales to 416,000 vehicles.

Honda announced in July that it plans to start production at two new electric vehicle factories in China through two joint ventures with Chinese automakers later this year. The Japanese car manufacturer wants to break into the e-vehicle market as soon as possible and join a group of leading companies.

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