Honda posts record profit, issues cautious forecasts

Japanese auto giant Honda on Friday logged a record annual profit thanks to improving global vehicle sales, but issued a cautious outlook for the current fiscal year.

The company said net profit for the year to March soared 70 percent to 1.1 trillion yen ($7.1 billion) on sales of 20.4 trillion yen, up 20.8 percent from the previous year.

Honda has made big outlays as it aggressively pursues a target set three years ago of achieving 100 percent electric vehicle sales by 2040.

Its 2023-24 results come two weeks after it announced the largest automotive investment in Canada's history for a new US$11 billion EV battery and vehicle assembly plant.

The company already has a partnership in electric vehicles with Sony, and is exploring collaboration ...