Honda cuts Japan production by 56,000 vehicles
Honda said today it is slashing production in Japan by an additional 56,000 vehicles, the latest step by the nation's No 2 automaker to cope with a global sales slump.autos Updated: Jan 16, 2009 13:29 IST
Honda said on Friday it is slashing production in Japan by an additional 56,000 vehicles, the latest step by the nation's No. 2 automaker to cope with a global sales slump.
Honda Motor Co. now plans to produce 1.168 million vehicles in Japan for the fiscal year ending March 31. The production cuts affect all Honda plants in Japan, and all models, according to the company.
Friday's announcement marks the third time has Honda reduced its fiscal domestic production plans in the past year. Honda had initially planned to produce 1.31 million vehicles in Japan for the current fiscal year. The company had been on such a roll it had at one point last year raised the target by 8,000 vehicles.
Since then, the global financial crisis and the damage from a surging yen have taken their toll on Tokyo-based Honda. Other Japanese automakers are also suffering and making similar cutbacks.