本田怎么了？利润暴跌60%，电动化开始急刹车

Core Viewpoint - Honda, Japan's second-largest automaker, is facing significant financial challenges, with a 61.4% year-on-year drop in operating profit for the third fiscal quarter, marking the fourth consecutive quarter of decline and falling short of market expectations [1][4]. Financial Performance - For the third fiscal quarter, Honda reported an operating profit of 153.4 billion yen (approximately 987.07 million USD), down from 397.3 billion yen in the same period last year [4]. - Over the first nine months of the fiscal year ending December 31, 2025, Honda's total revenue was 15.98 trillion yen, a decrease of 2.2%, while operating profit plummeted by 48% to 591.5 billion yen [5][6]. - The net profit attributable to shareholders for the first nine months was 465.4 billion yen (about 3 billion USD), down over 42% from 805.2 billion yen in the previous year [5]. Business Segments - The motorcycle business remains a strong performer for Honda, with sales of 16.44 million units and operating profit of 546.5 billion yen, achieving a record operating margin of 18.6% [6][7]. - In contrast, the automobile business has seen a significant decline, with sales of 2.56 million units, a 9.1% year-on-year drop, and an operating loss of 166.4 billion yen [8][9]. Market Challenges - Honda's declining performance in the automotive sector is partly attributed to reduced sales in Asia, particularly in China, which has been a significant market for the company [9][11]. - The impact of U.S. tariffs on Japanese imports has been substantial, with Honda estimating a negative impact of 289.8 billion yen due to increased tariffs [14]. Strategic Adjustments - Honda plans to significantly adjust its electric vehicle strategy, focusing more on hybrid models and reducing its electric vehicle investment from 10 trillion yen to 7 trillion yen [18][20]. - The company aims to launch 13 next-generation hybrid models between 2027 and 2030, with a target to increase hybrid sales to 2.2 million units [20].