Honda Motor (HMC) has asked suppliers to cut their prices as part of an effort to reduce expenses by 1.5 trillion Japanese yen ($9.4 billion) over the next four years, Reuters reported Wednesday, citing internal documents and an unnamed person familiar with the matter.

According to the report, Honda officials met with suppliers earlier this year and presented them with cost-cutting targets and asked them to begin using more standardized parts.

The cost-cutting comes amid challenges by Chinese rivals, the report said.

Honda did not immediately reply to MT Newswires' request for comment.

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