Honda cuts profits forecast by 20%

Honda Motor expected production cuts to continue on the mainland until the second half of next month after sales plunged last month due to a territorial row between Japan and China, a senior executive said yesterday.

Production was likely to start recovering after that as Honda expected growing demand around a holiday season in February, executive vice-president Tetsuo Iwamura said.

Honda has cut its forecast of sales in China, its biggest market after the United States, for this year to 620,000 vehicles from its previous forecast of 750,000.

via Business feed http://www.scmp.com/business/companies/article/1072671/honda-cuts-profits-forecast-20