Japan’s Honda boosts profit despite chips crunch, COVID

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Honda is reporting a 27% jump in its October-December profit, despite headwinds like shortages of computer chips and rising costs of raw materials. Tokyo-based Honda’s profit in the last quarter totaled 244.6 billion yen, or $1.9 billion. Quarterly sales rose 20% as Honda sold more motorcycles around the world compared with a year ago, while vehicle sales were little changed overall. Motorcycle sales grew across all major markets, including Japan, North America and the rest of Asia, especially Indonesia, India and Vietnam. Honda is stepping up its push to offer more electric vehicles, as the industry responds to concerns about the environment and climate change.