Japanese automaker Honda has increased its operating profit guidance for FY21 (ending March 31, 2022) to JPY780bn ($7.12bn) from the earlier JPY120bn.
At its US subsidiary, American Honda, sales increased 8pc in July to 135,542 units with a strong performance from the light truck segment, as well as the CRV and the Civic models. Truck sales increased by 13pc to 83,727 units while car sales inched up 0.8pc to 51,815 units in July, both compared to July 2020.
Despite the semiconductor shortage and increased raw material costs, the company’s revenue grew by 68.7pc in Q1 FY21 (ended June 31, 2021) annually to JPY3.58tn. Honda continues to focus on increasing production and sales volumes in order to recover from the losses made last year during the COVID-19 pandemic.
($1 = JPY109.53)