[ad_1]
Honda sank into the purple for the second straight quarter and posted its worst working loss because the March 2009 quarter.
View Photos
Honda expects annual gross sales in Asia to extend eight per cent.
Japan’s Honda Motor Co on Wednesday forecast a 68 per cent lower in annual working revenue to a 10-year low with world demand for automobiles anticipated to slip due to the coronavirus pandemic.
The nation’s No. three automaker expects revenue to sink to 200 billion yen ($1.89 billion) within the yr to end-March 2021, its weakest because the 2010/11 yr and undershooting analyst estimates.
Honda is bracing for a 6 per cent lower in annual automobile gross sales after a 40 per cent plunge within the June quarter, which resulted in a 113.7 billion yen working loss.
Global automakers are taking an enormous hit from the coronavirus outbreak, which shuttered automobile factories this yr and has stored clients out of automobile dealerships.
The maker of the CR-V SUV crossover and the Fit compact hatchback expects to promote 4.5 million autos this yr, versus 4.79 million final yr. It predicts a 16 per cent gross sales slide in North America, a key market the place the United States is struggling to regulate a surge in virus infections.
“If the current situation continues as is, we think the situation will not get worse (than we saw earlier this year), but it will take time for demand to recover to pre-pandemic levels,” Executive Vice President Seiji Kuraishi instructed a livestreamed briefing.
Despite weaker gross sales in North America, Honda expects annual gross sales in Asia to extend eight per cent.
China, one among Honda’s greatest markets, has change into a uncommon brilliant spot for a lot of world automakers, as demand on this planet’s greatest automobile market has been recovering quicker than in different international locations.
Honda sank into the purple for the second straight quarter and posted its worst working loss because the March 2009 quarter.
Despite its dire outlook, Honda is weathering the coronavirus pandemic higher than rivals Nissan Motor Co, Mitsubishi Motor Corp and Mazda Motor Corp, which final week forecast report working losses for the yr.
(Reporting by Naomi Tajitsu; Editing by Tom Hogue, Sam Holmes and Gerry Doyle)
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
0 Comments
For the most recent auto information and evaluations, comply with carandbike on Twitter, Facebook, and subscribe to our YouTube channel.
[ad_2]
Source