Honda Motor Co., Ltd. released its automobile production, domestic sales, and export summary for July 2024, showcasing a mixed performance across key metrics. The company reported a notable 5.0% year-over-year (YOY) increase in global production, with 295,025 units produced worldwide, marking the first YOY increase in three months.
Global Production Overview:
- Japan Production: 61,679 units (+4.6% YOY) – First YOY increase in two months.
- Outside Japan: 233,346 units (+5.0% YOY) – First YOY increase in three months.
- North America: 120,491 units (+18.0% YOY), driven by strong demand in the USA.
- Asia: 106,874 units (-5.4% YOY), with China showing stability at 72,753 units (+0.4% YOY).
Domestic Sales in Japan: Honda’s domestic sales in Japan saw a significant boost, with 59,782 units sold, representing a 25.5% YOY increase. This marks the 12th consecutive month of YOY growth. Notably, new vehicle registrations surged by 51.9%, while sales of mini-vehicles saw a slight decline of 0.4%, the first decrease in three months.
Export Performance: However, Honda’s export performance from Japan experienced a setback, with a 17.5% YOY decline in July, totaling 4,892 units. This marks the third consecutive month of YOY export decline, impacted by reduced shipments to Europe (-47.8%) and Asia (-39.5%). On the positive side, exports to North America rose by 47.5%, driven by strong demand in the USA.
Despite the challenges in exports, Honda’s robust production and sales performance highlight its resilience and ability to adapt to shifting market dynamics. The company’s continued growth in key regions and domestic markets reflects its ongoing efforts to strengthen its global presence and meet evolving consumer demands.
