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Honda Sales Increase After Toyota Recalls

8 years ago131 views

Honda is feeling optimistic about its sales. On Wednesday, the company announced its strongest quarterly profit in a year-and-a-half, led by motorcycle sales.

[Koichi Kondo, Executive Vice President, Honda Motor]:
"Our consolidated operating net income for the quarter increased by 72.7 percent to 176.9 billion yen due to decreased administrative and research and development expenses as well as our overall cost reduction effort."

Shares in Honda ended 2.3 percent higher on Wednesday.

Meanwhile, Toyota's U.S. market share fell to its lowest level since January 2006, following its initial recall of faulty gas pedals on January 21st.

In the latest blow, Toyota said on Wednesday that dealers in both the U.S. and Japan had reported complaints from buyers over the brakes in its new model Prius hybrid.

But Honda is concerned that Toyota’s recall could affect other Japanese carmakers.

[Koichi Kondo, Executive Vice President, Honda Motor]:
"As Toyota has been the frontrunner of the Japanese car industry, we're concerned about the impact that the huge recall by Toyota could have on consumer sentiment towards Japanese cars."

Toyota detailed its plans on Monday to fix the faulty pedals on at least 4.2 million vehicles in North America and Europe.

Toyota will restart production of eight models this month after an unprecedented one-week shutdown at six plants in the United States and Canada.

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