Home China Financial news Honda cuts 2011 China car sales target by 13 pct
English
Error
  • JUser::_load: Unable to load user with id: 62

August
07
Honda cuts 2011 China car sales target by 13 pct
776 views

 

* Sees China sales of 638,000 cars vs target of 731,500

* Shares up 2.2 pct vs Nikkei's 1.4 pct rise (Recasts with company confirmation)

(Reuters) - Honda Motor Co said on Wednesday it was cutting its 2011 car sales target for China by 13 percent after Japan's earthquake and tsunami in March disrupted its supply chain and forced production cutbacks.

Japan's No.3 automaker lowered its sales target for China to 638,000 cars, down from its initial target of 731,500, and 2 percent lower than its 2010 sales.

Honda, which does not give a calendar year target for global sales, expects to sell 3.3 million cars for the financial year to March, down 6 percent from last year.

Honda last month forecast a worse-than-expected 65 percent fall in annual operating profit, bracing itself against a strong yen and rising raw materials prices.

It said it expects production in China to normalise by the end of July and that it will ramp up output in the second half of the year, but will not be able to fully offset the lost production.

Shares in Honda were up 2.2 percent, outperforming a 1.4 percent rise in the benchmark Nikkei average . (Reporting by Chris Jonathan Peters in Bangalore and Mayumi Negishi in Tokyo

Last modified on Wednesday, 24 August 2011 09:47
Rate this item
(0 votes)
blog comments powered by Disqus comments

Top 3 internet companies

Loading
Chart
o Google 600.40 ▼22.65 (-3.64%)
o Yahoo 15.42 ▲0.55 (3.70%)
o Baidu 115.37 ▼2.03 (-1.73%)