The demand in North America and Asia will offset yen, says Honda CFO

Article by Christian Andrei, on November 10, 2010

Honda announced that it will help offset the effect of the strong yen in emerging market such as North America and Asia.

According to Chief Financial Officer Yoichi Hojo, the second-largest car manufacturer in Japan, wants to increase sales by 100,000 vehicles in the United States, but also by a further 100,000 in emerging markets, such as Thailand and India. Apparently, Honda wants to achieve these numbers within few years.

Furthermore, the manufacturer raised its full-year net income forecast 10 percent to 500 billion yen ($6.2 billion), due to the fact that its car and motorcycle sales increased in Asia.

Same Yoichi Hojo said that Honda will help prevent further economic decline with some help from a Federal Reserve plant to buy an additional $600 billion of Treasuries through June.

“The U.S. has deep pockets,” he said. “With a rising population, demand will also grow. I don't see a long-term economic decline there.”

For those who don’t know, Honda sales increased by 16 percent to 98,811 vehicles in October from a year earlier. Honda also expects to spend $1,500 per vehicle on incentives in the U.S., with $100 more than an earlier plan for this fiscal year.

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