Honda sees 17 percent decline in Q3 operating profit

Honda Motor has raised its full-year operating forecast on Wednesday, following cost cuts and a weak yen even though the global chip shortage crisis continues.

It upgraded its recent forecast for an operating profit of 800 billion yen ($6.93 billion) for the year to March 31.

Honda, like other automakers, has been forced to cut production strategies due to chip shortages.

The automaker stuck to its plan to sell 4.2 million vehicles this business year.

In the last 12 months, it sold 4.5 million vehicles.

It said third-quarter operating profit dropped 17% to 229 billion yen ($1.98 billion) as the chip shortfalls hampered auto production.