Honda lowers profit outlook 15% amid chip shortage By Reuters

© Reuters. FILE PHOTO: Honda’s emblem on its Modulo mannequin is pictured at its showroom at its headquarters in Tokyo, Japan, February 19, 2019. REUTERS/Kim Kyung-hoon

TOKYO (Reuters) – Honda Motor Co reduce its full-year revenue forecast by 15% on Friday, to 660 billion yen, as a world chip scarcity has compelled it to chop car output.

Like different automakers, Honda’s manufacturing plans have been hit by the scarcity, with international output in September falling 30% from a 12 months in the past.

On Thursday, bigger rival Toyota Motor (NYSE:) reduce its full-year gross sales goal and warned the shortage of semiconductors nonetheless posed dangers to its annual manufacturing plans.

Honda’s forecast, which it has reduce twice since August, is decrease than a imply forecast of 764.5 billion yen in revenue by 20 analysts, Refinitiv knowledge confirmed.

Honda reduce its car gross sales plan to 4.2 million autos from 4.85 million this enterprise 12 months, down from 4.5 million within the earlier 12 months.

For the three months to Sept. 30, Honda mentioned working revenue fell by virtually a 3rd to 198.9 billion yen. That consequence was greater than a mean forecast of 183.5 billion based mostly on estimates from 9 analysts, Refinitiv knowledge confirmed.

($1=113.6700 yen)

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