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Production of Honda motorcycle in Europe.
Due to ongiong sales downturn in Spain, Honda has decided to overhaul its motorcycle operations in Europe by shifting excess production from Spain to Italy, temporarily. Honda plans to stop making motorcylces in Europe at the end of March.
Honda reported earnings of 2,056,655 Yen in its fiscal quarter ending Sep-09, falling short of analyst expectations of 2,124,596.50 Yen by 3.20%
Honda reported earnings of 2,002,212 Yen in its fiscal quarter ending Jun-09, beating analyst expectations of 1,988,666.62 Yen by 0.68%
Honda reported earnings of 1,783,898 Yen in its fiscal quarter ending Sep-09, falling short of analyst expectations of 1,875,685.62 Yen by 4.89%
Senior managing director Takanobu Ito will replaced current Honda president Takeo Fukui in June 2009. Fukui will remain on HMC's board, pending board approval.
Honda reported earnings of 2,533,257 Yen in its fiscal quarter ending Dec-08, beating analyst expectations of 2,411,808.50 Yen by 5.04%
In the wake diminished demand for its cars and worsening dollar-yen exchange rate, Honda slashed its fiscal year 2009 forecast for earnings to $185 B from $545 B, less than a third of the previous fiscal year's earnings. The company announced plans to cut car production in Japan by 54,000 for this fiscal year.
Honda slashed its forecast for profit in 2008 by 62% and warned that due to the appreciating yen, they stand to lose a lot of money. It is also possible that they might record a loss for the first time since 1981 (source: Bloomberg Japan)
Honda Motor Co has withdrawn from all Formula One activities, making 2008 the last season of participation.Takeo Fukui, president and CEO of the company said in a press statement, "This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies(Ref: Market Watch)
Honda reported earnings of 2,826,865 Yen in its fiscal quarter ending Sep-08, falling short of analyst expectations of 2,937,226 Yen by 3.76%
Honda's US sales in September fell 24%, while total US car sales fell 27%.
Investors took notice as Honda announced a lighter, more efficient hydrogen fuel cell vehicle that emits only water vapor as a by-product. The following week, the company announced that it would offer plug-in, electric vehicles at less than $2,000 more than their conventional counterparts.
Honda's Q407 earnings took a dive due to tax issues and currency conversions as the yen continued to gain on the weakening dollar.
Honda announced that it would stay out of the ultra-cheap, Indian car market, leaving Tata Motors to reap the benefits. It also announced that it would halt production on its American motorcycle line.
In a report filed with the transport ministry, Japan's second-largest car maker said it will recall the Civic and Civic Hybrid sedans, as well as Stream minivans manufactured between August 2005 and January this year. Honda is recalling the vehicles after over 150 reports complaining of defective brake-light systems and speedometers.
Honda suspended all domestic auto production Monday due to a parts shortage after a major quake forced Japanese auto parts supplier Riken Corp. to halt operations. The production halt at the three plants involved will result in an output loss of a combined 4,850 vehicles.
Honda is spending up to 20 billion rupees ($491 million) on a second plant in Tapukara in the north western state of Rajasthan, about 70 km from New Delhi. It will have an initial annual capacity of 60,000 units that will be scaled up to 200,000 units. Honda, which sells the City, Civic and Accord saloon cars and the CR-V sport utility in India, has cornered a significant share of the mid-size and premium segments, choosing not to focus on the small cheap cars for the time being.