Honda Motor (TYO:7267) plans to halve engine production at its Guangzhou plant in China this month, reducing capacity to 520,000 units annually, as it struggles with rising EV competition and falling sales, Kyodo News reported Tuesday.
The cut at Dongfeng Honda Engine, a joint venture with a local automaker, will affect about 30% of Honda's gasoline-powered vehicle sales in China.
Honda's China sales fell about 30% to 850,000 units in 2024, a 10-year low. Since last year, the company has closed or suspended operations at three of its seven Chinese assembly plants.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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