Honda Profit Plummets 42% YoY to 465.4B Yen Amid Tariffs and EV Headwinds

Honda Motor Co. (7241.T) reported a 42% year-over-year drop in nine-month profit to 465.4 billion yen ($3 billion) as U.S. tariffs and a shifting EV landscape weighed on results. Sales for the three quarters totaled 15.98 trillion yen ($102.6 billion), down 2.2% from the prior-year period. The company lowered its 2030 global EV sales ratio target to 20% from 30% and canceled some EV models due to evolving market conditions. Sales in North America, hit by Trump-era policies that pared auto tariffs from 25% to 15%, were a drag, while motorcycle sales helped offset declines. Honda’s shares rose 2.1% on Tuesday amid broader Nikkei 225 gains.