Automakers Toyota and Honda said they were optimistic about their full-year profit prospects even as they were looking to cut costs due to supply chain disruptions and chip shortages
The Japanese carmakers are also benefiting from a weaker yen that raised the yen value of their overseas earnings.
"We are seeing a further 10% reduction in incentives in North America during the second half of the business year after they halved to $1,000 earlier," said Kohei Takeuchi, Honda's senior managing executive officer told a news briefing.stuck with its full-year profit forecast of 2.8 trillion yen , while Honda upgraded its operating profit forecast for the year to March 31 by 21% to 800 billion yen.
Still, supply chain disruptions and chip shortages will continue to affect operations, Japan's No. 1 and No. 2 automakers said, prompting them to cut costs in a bid to squeeze out more profit per vehicle. Toyota cut its annual production target by a half a million more to 8.5 million vehicles, while Honda kept its 4.2 million target, though that was below the 4.85 million it was aiming for at the start of the business year.
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