Japan's Honda boosts profit despite chips crunch, COVID
Honda is reporting a 27% jump in its October-December profit, despite headwinds like shortages of computer chips and rising costs of raw materials
By YURI KAGEYAMA
Published - Feb 10, 2023, 02:21 AM ET
Last Updated - Jun 22, 2023, 10:13 PM EDT
TOKYO (AP) — Honda reported a 27% jump in its October-December profit, despite headwinds like shortages of computer chips and rising costs of raw materials.
Tokyo-based Honda Motor Co.'s profit in the last quarter totaled 244.6 billion yen ($1.9 billion), up from 192.9 billion yen the year before.
Quarterly sales rose 20% to 4.4 trillion yen ($33.5 billion), as Honda sold more motorcycles around the world, compared to a year ago, while vehicle sales were little changed.
By region, Honda sold more vehicles in Japan and the U.S., but sales declined in China and other parts of Asia. Motorcycle sales grew across all major markets, including Japan, North America and the rest of Asia, especially Indonesia, India and Vietnam.
