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Automobiles

World's top motorcycle maker Honda not immune from virus

Net profit projected to fall 64% with slump in India and other key markets

A Honda factory in Gujarat, India. The coronavirus has dealt a blow to motorcycle sales in the country.   © Reuters

TOKYO -- Honda Motor said Wednesday that group net profit will plunge 64% to 165 billion yen ($1.56 billion) for the year ending March 2021, as the coronavirus batters its usually lucrative motorcycle business.

Honda logged its first-ever net loss for the April-June quarter of 80.8 billion yen, according to earnings results announced Wednesday. The vehicle maker expects revenue for the full year to fall 14% to 12.8 trillion yen. Annual dividends will be reduced 60% to 44 yen a share, the first cut in 11 years.

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