Honda: 50% cutback of production in Japan through June affecting business results in the H1 2011

Starting production of EVs in China in 2012, preparing for local production of HEVs as well

2011/05/30

Summary
Honda: 57% increase in operating income in the fiscal 2010 with net income doubling to 534 billion yen
63% cutback of production in Japan in March 2011, operating at a 50% capacity level through the end of June
Honda: Strengthening HEV lineup and launching EV/PHEV in 2012

Summary

Reported below are Honda's financial results for fiscal year 2010, the impact of the Great East Japan Earthquake available by early May, and the company's plans to expand its electric vehicle lineup.

Honda's financial results for the fiscal 2010 showed net sales of 8,936.8 billion yen, up 4.2%, and operating income of 569.7 billion yen, up 56.6%, with its net income doubling to 534 billion yen from the year earlier, attributable to the recovery of Honda's largest market, North America, and the business expansion in Asia.

Honda was forced to suspend production in Japan due to the Great East Japan Earthquake that shook the area on March 11. Although production was resumed at all production sites by April 11, Honda will be operating at about half the normal pace until the end of June with plans to return to full operation before the end of the year. The production cutback in Japan is affecting the company's overseas production. Production in North America was down by 40% in April, will be down up to 50% until summer, and full production is not likely until the end of 2011.

Honda has not published forecasts for fiscal 2011 as it is currently unable to make reasonable calculations. The company plans to release business plans and forecasts for fiscal 2011 in the second half of May. The production cutback is likely to affect the company's performance in the July-September period also.

With regard to product planning, Honda has announced new electric vehicle models (HEV, EV, PHEV) and further launch plans. Honda released the Fit HEV in Japan in October 2010 and plans to release the Fit Shuttle HEV in 2011. In April 2011, Honda released the new Civic lithium-ion battery HEV for sale in the United States.

Honda will launch the Fit EV and the Inspire-based PHEV in 2012 in Japan and the United States.

The company announced plans to launch three HEV models, namely the Insight, Fit and CR-Z in China in 2012 with plans to start local production of EVs there in 2012 if all goes as planned.

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