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10-30-2012, 06:41 AM
Filed under: China (http://www.autoblog.com/category/china/), Japan (http://www.autoblog.com/category/japan/), Honda (http://www.autoblog.com/category/honda/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://www.blogcdn.com/www.autoblog.com/media/2012/10/honda-emblem-628.jpg (http://www.autonews.com/apps/pbcs.dll/article?AID=/20121029/OEM/121029904/honda-cuts-forecasts-hopes-for-china-recovery-in-february)
Automotive News reports Honda (http://www.autoblog.com/honda) has slashed its net profit forecast by 20 percent following poor sales in China (http://www.autoblog.com/tag/china). Like other Japanese manufacturers, Honda sales suffered at the hands of anti-Japanese sentiment in China following a territorial dispute between the two nations. All told, Honda sales fell off by 40.5 percent last month alone in the People's Republic. As a result, the company has cut production at its two largest Chinese manufacturing facilities to just one shift. Even so, the automaker says it still plans to move forward with an $880 million investment to expand manufacturing at its Guangzhou and Wuhan plants over the next few years.
Meanwhile, Toyota (http://www.autoblog.com/toyota) and Nissan (http://www.autoblog.com/nissan) are expected to adjust their profit forecasts shortly. Other automakers have been quick to take up the slack left by their Japanese rivals, with Hyundai (http://www.autoblog.com/hyundai), BMW (http://www.autoblog.com/bmw) and Volkswagen (http://www.autoblog.com/volkswagen) claiming more market share. Automotive News reports the turbulence between China and Japan could extend into the fourth quarter.Honda cuts year-end forecasts, looking to rebound in China (http://www.autoblog.com/2012/10/30/honda-cuts-year-end-forecasts-looking-to-rebound-in-china/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 30 Oct 2012 09:31:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
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http://www.blogcdn.com/www.autoblog.com/media/2012/10/honda-emblem-628.jpg (http://www.autonews.com/apps/pbcs.dll/article?AID=/20121029/OEM/121029904/honda-cuts-forecasts-hopes-for-china-recovery-in-february)
Automotive News reports Honda (http://www.autoblog.com/honda) has slashed its net profit forecast by 20 percent following poor sales in China (http://www.autoblog.com/tag/china). Like other Japanese manufacturers, Honda sales suffered at the hands of anti-Japanese sentiment in China following a territorial dispute between the two nations. All told, Honda sales fell off by 40.5 percent last month alone in the People's Republic. As a result, the company has cut production at its two largest Chinese manufacturing facilities to just one shift. Even so, the automaker says it still plans to move forward with an $880 million investment to expand manufacturing at its Guangzhou and Wuhan plants over the next few years.
Meanwhile, Toyota (http://www.autoblog.com/toyota) and Nissan (http://www.autoblog.com/nissan) are expected to adjust their profit forecasts shortly. Other automakers have been quick to take up the slack left by their Japanese rivals, with Hyundai (http://www.autoblog.com/hyundai), BMW (http://www.autoblog.com/bmw) and Volkswagen (http://www.autoblog.com/volkswagen) claiming more market share. Automotive News reports the turbulence between China and Japan could extend into the fourth quarter.Honda cuts year-end forecasts, looking to rebound in China (http://www.autoblog.com/2012/10/30/honda-cuts-year-end-forecasts-looking-to-rebound-in-china/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 30 Oct 2012 09:31:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Permalink (http://www.autoblog.com/2012/10/30/honda-cuts-year-end-forecasts-looking-to-rebound-in-china/) | Email this (http://www.autoblog.com/forward/20363798/) | Comments (http://www.autoblog.com/2012/10/30/honda-cuts-year-end-forecasts-looking-to-rebound-in-china/#comments)
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