Honda net profit boosted by healthy hybrid sales

TOKYO, Aug 07 (AFP): Honda reported bumper quarterly net profits on Wednesday as strong hybrid vehicle sales in the United States and Japan, along with a weaker yen, helped the Japanese automaker overcome weakness in China.
The firm said net profit rose 8.7 per cent to 394.6 billion yen ($2.4 billion) in April-June, while sales jumped 16.9 per cent to 5.4 trillion yen.
But Japan's number-two automaker maintained its annual net profit target of 1.0 trillion yen on sales of 20.3 trillion yen.
Honda said its automobile business was "robust" during the quarter, helped by price increases for hybrid models at home and the United States.
But overall vehicle unit sales fell because of soft sales in China, where the company reported intensifying competition.
In its motorcycle operations, global sales volume increased, mainly in India and Brazil, while sales fell in Thailand.
Honda said in May that it planned to double investment in electric vehicles to $65 billion by 2030 as it seeks to go fully electric 10 years later.