Profit this year is expected to hit another high! Honda\’s profit reaches record high in fiscal year 2024, focusing on accelerating its transformation into electric vehicles

Japanese automaker Honda (HMC-US) recently announced its financial report for fiscal year 2024 (ending March 2024). Sales revenue and profits hit record highs, mainly due to increased sales, improved profitability and exchange gains. The automaker also predicts that next year Operating profit for the 2025 fiscal year ending in March will be 1.42 trillion yen.

Japanese automaker Honda (HMC-US) recently announced its financial report for fiscal year 2024 (ending March 2024). Sales revenue and profits hit record highs, mainly due to increased sales, improved profitability and exchange gains. The automaker also forecast that it will end in March next year. Operating profit for fiscal year 2025 will be 1.42 trillion yen.
Honda\’s operating profit in fiscal 2023 reached a record high of 1.3819 billion yen and increased 6.8% from 780.7 billion yen in the previous fiscal year.
In terms of global sales, Honda sold a total of 4.109 million vehicles in fiscal year 2023, with an annual growth rate of 11%. Among them, the North American market performed the strongest. Demand for gasoline-electric hybrid vehicles increased sharply. The annual growth rate was 36%. Sales in the United States reached 1.36 million vehicles in Europe. The annual growth rate is 23%, but the performance of Asia, especially China, appears to be unsatisfactory.
Honda\’s sales in Asia fell 5.3% to 1.65 million units due to weak demand in China.
Honda\’s sales in China have been declining for three consecutive years.
Honda\’s sales in China last year were 1.2342 million units, a year-on-year decrease of 10.12%. In the first four months of this year, Honda\’s cumulative sales of terminal cars in the Chinese market were 280,700 units, a year-on-year decrease of 10.9%. The sales of Guangqi Honda and Dongfeng Honda were 141,800 and 138,900 respectively. vehicle.
Honda\’s sluggish performance in the Chinese market is attributed to the rapid development of Chinese electric vehicle brands. The rapid rise of China\’s electric vehicles has fully impacted the fuel vehicle market. Even though Japanese automakers have certain technical advantages in the field of electric vehicles, their insufficient electric vehicle strategies in the Chinese market have affected them. market position.
In response to the challenges in the Chinese market, Honda is accelerating its transition to electric vehicles. Last month, Honda launched a new electric vehicle brand \”Ye\” and premiered three models globally.
The new models are expected to be produced by Guangqi Honda and Dongfeng Honda and will be launched by the end of this year or 2025.
Honda hopes to reach 2 million of its gasoline-electric hybrids globally by 2030 and use it to switch to pure electric vehicles, a shift that is critical to Honda\’s plan to phase out combustion vehicles by 2040.
Honda also plans to cooperate with China\’s outstanding professional manufacturers in areas such as intelligence and autonomous driving to welcome the global wave of intelligence with an open attitude.
Facing the fierce competition in China\’s electric vehicle market, Honda needs to accelerate the implementation of its electric vehicle strategy to stabilize and expand its market position through technological innovation and market development.
Honda\’s future development in the global market will depend on its strategic execution in the fields of electric vehicles and intelligence.

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