TOKYO – Honda Motor Co raised its full-year operating forecast on Wednesday, aided by cost cutting and a weak yen despite a persistent global chip shortage.
It upgraded its latest forecast for an operating profit of 800 billion yen ($6.93 billion) for the year to March 31.
Honda, like other automakers, has been forced to curb production plans because of chip shortages.
Nevertheless, Honda stuck to its plan to sell 4.2 million vehicles this business year. In the previous 12 months, it sold 4.5 million vehicles.
It said third-quarter operating profit fell 17% to 229 billion yen ($1.98 billion) as the chip shortfalls curbed car production.
Profit for the three months to December was higher than an average forecast of 166.2 billion yen based on estimates from nine analysts, Refinitiv data shows.
($1 = 115.4200 yen)
(Reporting by Satoshi Sugiyama; Editing by Jacqueline Wong, Clarence Fernandez and Kim Coghill)