Honda to cut car output at two Japanese plants in October
Reuters
Published Oct 06, 2022 04:24AM ET
Updated Oct 06, 2022 05:41AM ET
TOKYO (Reuters) - Honda Motor Co said on Thursday it would reduce car output by up to 40% at two Japanese plants for the rest of October from its earlier plans, as the company battles with persistent supply chain and logistical problems.
Two lines at Honda's Suzuka plant in western Japan will cut production by about 20% in October, while its assembly plant in Saitama prefecture, north of Tokyo, will lower production plans by about 40% for the month.
The automaker said last month it would cut vehicle production at Suzuka by 40% and Saitama by 30% in early October.
Honda blamed delays in receiving parts and logistics on COVID-19 outbreaks and semiconductor shortages. The output reduction will affect vehicles including the Vezel sport-utility vehicle, Stepwgn minivan and Civic compact car.
Honda's production at the two plants returned to normal for June after an earlier reduction but it began making adjustments again for July.
Honda's rival Toyota Motor (NYSE:TM) Corp last week lowered its October production target by 6.3% to about 750,000 vehicles because of a shortage of semiconductors.
That announcement came about a week after it had lowered the production target for that month to around 800,000, about 100,000 short of its average monthly production plan. (This story has been corrected to fix the month Honda began cutting production to July from August in paragraph 5)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.