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Pandemic Profits: Honda raises 2020/2021 predictions

Tokyo, Japan – Despite Covid-19 slowdowns, Honda has seen some significant profit increases in the latest quarter, reporting a 67 percent increase globally based on higher demand and cost reductions. 

In a statement released on Tuesday, the automaker noted an operating profit for three months, to Dec. 31 was 277.7 billion yen (CND$3.38 billion). 

“Automobile sales results exceeded the same period last year since October due mainly to the launch of new N-ONE,” said Honda’s Chief Operating Officer, Seiji Kuraishi at a press conference. 

As a result of these recent increases, Honda has raised its full-year fiscal profit projection to 520 billion yen (CND$6.63 billion) from the previous prediction of 420 billion yen. 

One of Honda’s biggest markets, China, saw a 6.4 per cent growth in December alone, while Canadian Honda sales during the fourth quarter were down 11.4 percent. 

The automaker has plans to shift to electric cars and other zero-emission vehicles with hopes of having two-thirds of output be new-energy vehicles by 2030. 

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