Honda Motor cut its full-year earnings estimate by 15% to 660 billion yen as a global shortage of processors forced it to cut production.
Like other automakers, Honda’s production plans have been hit by shortages, with global production falling 30% in September from a year earlier.
On Thursday, the biggest competitor Toyota Motor cut its sales estimates for the year and warned that the lack of semiconductors continues to pose a risk to annual production plans.
Honda’s forecast, which has halved since August, is lower than average estimates for profits of 764.5 billion yen.
The automaker also cut its vehicle sales estimates to 4.2 million vehicles from 4.85 million vehicles, down from 4.5 million in the previous 12 months.
For the quarter to September 30, Honda said operating profit fell one-third to 198.9 billion yen.
The results were higher than the average estimate for 183.5 billion yen, based on the estimates of nine analysts.
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Source From: Capital
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