Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite the pandemic.
Honda said its July-September profit was 240.9 billion yen (US$2.3 billion), up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world.
Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch.
Honda sold slightly more vehicles in the quarter through September at 1.25 million vehicles, compared to 1.24 million vehicles in the same period of 2019.
But it sold fewer motorcycles at nearly 4.5 million motorcycles, down from nearly 5.1 million.