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Honda racks up record figures

Japanese carmaker reports global sales growth and pledges to invest more in research and development.
Posted on 14 May, 2024
Honda racks up record figures

Honda Motor Co has reported record revenue and profits for the year ended March 2024, with its financial performance improving thanks to an increase in vehicle sales and a weak yen.

Its operating profit jumped 77 per cent year-on-year to ¥1.4 trillion (NZ$14.9 billion), net profit soared 70 per cent to ¥1.1tn over the same period and revenue was up 20.8 per cent to ¥20.4tn.

The Japanese carmaker sold more than 2.8 million vehicles globally in the last financial year. This was up from 2.3m a year earlier and while sales dipped in China, it experienced by greater demand in Japan, the US and Europe, reports AP.

Honda has forecast its net profit will drop 9.7 per cent to ¥1tn in the current financial year and revenue will be steady and only slip 0.6 per cent to ¥20.3tn.

The outlook is partly based on the company pledging to increase spending on research and development to nearly ¥1.2tn this year compared with ¥964b in the previous period.

Toshihiro Mibe, chief executive, says there is “anxiety due to uncertainty about electrification” at the company despite its latest robust profits.