Honda Reports 19.7% Profit Decline in H1, Lowers Annual Profit Forecast Amid China Sales Slump

Honda Motor Company, Ltd. (NYSE:HMC) shares are trading lower on Wednesday following a decline in the first-half profit and reduced annual profit forecast.

The company reported the first half of FY24 revenue growth of 12.4% year over year 10.798 trillion yen ($69.9 billion), while profits declined 19.7% to 494.6 billion Yen ($3.20 billion).

Automobile consolidated unit sales rose by 64,000 units, driven by strong ICE/HEV sales and the full-scale launch of EVs in North America.

However, ...