Layoffs and Restructuring - Honda is implementing voluntary layoffs at its joint venture GAC Honda Automobile, affecting 1,400 employees or 14% of the workforce [1] - The layoffs are part of a cost-cutting strategy to facilitate continued operations in China [3] Market Challenges - Honda faces increasing competition and declining sales in China, with 2024 vehicle sales expected to drop by 13% to 1.06 million units [2] - Japanese automotive brands, including Honda, are struggling to compete with the rising popularity of Chinese domestic automobile companies [2] Strategic Shift - Honda plans to focus more on producing electric vehicles (EVs) in China, aligning with the growing popularity of EVs in the market [3] - The company is not exiting the Chinese market but is restructuring to adapt to the competitive landscape [3] Stock Performance - Honda's stock (HMC) saw a 1% increase on Wednesday morning following the announcement of layoffs and strategic changes [3]

Honda (HMC) reported earnings of 99 cents per share for fourth-quarter fiscal 2024, surpassing the Zacks Consensus Estimate of 44 cents. The bottom line also grew from the year-ago profit of 51 cents per share. Quarterly revenues totaled $36.5 billion, missing the Zacks Consensus Estimate of $37.9 billion. The top line, however, increased from $33.1 billion recorded in the year-ago period. Segmental Highlights Financials Consolidated cash and cash equivalents were ¥4.95 trillion ($32.73 billion) as of Mar 3 ...

Honda Motor Co., Ltd. (NYSE:HMC) Q4 2024 Results Conference Call May 10, 2024 4:00 AM ET Company Participants Toshihiro Mibe - President, CEO Shinji Aoyama - Director, EVP & Representative Executive Officer Eiji Fujimura - Managing Executive Officer, CFO Operator Thank you so much for taking time to join us here today. And I'd like to begin Honda FY '24 financial results press conference. First, the executives in attendance today are Toshihiro Mibe, Director President and Representative Executive Officer. H ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: Honda has made big outlays as it aggressively pursues an ambitious target of acheiving 100 percent electric vehicle sales. Japanese auto giant Honda on Friday logged a record annual profit thanks to improving global vehicle sales, but issued a cautious outlook for the current fiscal year. The company said net profit for the ye ...

Follow Invezz on Telegram , Twitter , and Google News for instant updates >Today, on 10 May 2024, Honda Motor Co., Ltd. reported its earnings for the first quarter of FY24.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Honda’s operating profit for this quarter reached an all-time high of 1 trillion 381.9 billion yen and the operating profit margin was 6.8%. Honda Group’s net sales and profitsCopy link to sectionHonda’s motorcycle business sales incre ...

Honda Motor Co., Ltd. (HMC) is slated to release fourth-quarter fiscal 2024 results on May 10. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings and revenues is pegged at 44 cents per share and $37.96 billion, respectively.For the fiscal fourth quarter, the consensus estimate for HMC’s earnings per share has moved down by 13 cents in the past 90 days. Its bottom-line estimates imply a decline of 13.73% from the year-ago reported number.The Zacks Consensus Estimate for revenues suggests ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Honda Motor Co Ltd says it will invest $11 billion to set up an EV hub in Ontario, Canada. Shares of the automaker are in the red at writing. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Honda expects vehicle production to begin in 2028Copy link to sectionThe investment, as per the Japanese firm, will establish a “comprehensive EV value chain” with new assembly and battery facilities as well as factories to support production of electric vehicles.  ...

A Brand new Honda Pilot is displayed on the sales lot at Honda Marin on February 06, 2024 in San Rafael, California.DEROIT – Honda Motor and its joint venture partners plan to invest $11 billion in Ontario, Canada to create a "comprehensive EV value chain," the Japanese automaker announced Thursday.The company said the plans include new assembly and battery plants as well as other facilities to support production of the all-electric and fuel cell-powered vehicles.Honda said vehicle production will begin in ...

In the latest market close, Honda Motor (HMC) reached $34.58, with a +0.09% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 1.2% for the day. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 1.59%.Coming into today, shares of the automaker had lost 7.32% in the past month. In that same time, the Auto-Tires-Trucks sector lost 11.58%, while the S&P 500 lost 4.16%.The upcoming earnings release of Honda M ...