Honda reported Tuesday a 42% drop in profit for the nine months through December, compared to a year earlier, the Associated Press reported.
According to the outlet, President Donald Trump’s tariffs hurt the automaker.
Honda Motor Co.’s profit over the three quarters totaled 465.4 billion yen ($3 billion), down from 805.2 billion yen.
It is the second straight year of profit decline.
Advertisement
Sales for the three quarters dipped 2.2% to 15.98 trillion yen ($102.6 billion) compared to the same period in the previous year. Honda stuck to its full fiscal year profit forecast at 300 billion yen ($1.9 billion).
One major reason is the declining market for electric vehicles in the U.S. But Honda did report a strong motorcycle division performance.
