Honda cuts FY 2021 net profit outlook, car sales target amid chip crunch

Honda Motor Co. on Friday cut its net profit outlook for the current business year by 17.2 percent to 555 billion yen ($4.9 billion) as a shortage of parts prompted a sharp cut in its auto sales target and surging raw material costs weigh on the bottom line.Honda's revised forecast from 670 billion yen represents a 15.6 percent year-on-year fall in net profit for the fiscal year ending March 2022. The carmaker also slashed its operating profit projection to 660 billion yen from its earlier forecast of 780 billion yen.Sales, meanwhile, are now seen at 14.60 trillion yen, down from its earlie…READ FULL ARTICLE