Honda Motor Co., Ltd. has released its production, sales, and export data for August 2024, showing contrasting trends across global and domestic markets. While global production saw a year-on-year decline, Honda achieved significant growth in Japan, with strong domestic sales and increased exports.
Global Production:
- Total Production: Honda’s worldwide production dropped to 307,870 units in August, an 11.3% decline from August 2023. This marks the first year-on-year decrease in two months.
- Japan Production: Domestic production reached 50,431 units, a slight 1.4% decrease compared to the previous year, halting two months of consecutive growth.
- Outside Japan: Production outside Japan fell by 13% to 257,439 units, driven by sharp declines in Asia, particularly China, which saw a 29.3% drop. North America performed better, with only a 3.3% reduction year-on-year, producing 143,859 units.
Sales in Japan:
- Total Sales: Honda’s domestic sales surged 13.1% year-on-year, totaling 45,868 units. This marks the 13th consecutive month of growth.
- Registrations: New vehicle registrations rose by an impressive 43.5% to 25,657 units, continuing a 12-month growth streak.
- Mini-Vehicles: Despite overall sales growth, mini-vehicle sales decreased by 10.9%, totaling 20,211 units, making it the second consecutive month of decline for this segment.
Exports from Japan:
- Total Exports: Honda’s exports from Japan increased by 2% year-on-year to 5,756 units in August, marking the first increase in four months.
- North America: Exports to North America soared by 129.9%, with 754 units shipped. The U.S. market, in particular, saw a dramatic rise of 122.6% in export volume.
- Asia and Europe: Exports to Asia plummeted by 65.2%, while exports to Europe dropped 17.4%, indicating regional challenges. However, “Others,” which includes markets like Oceania and the Middle East, saw a 57% rise.
Overall, while global production faced headwinds, Honda’s domestic market remained a source of strength, supported by strong sales and export growth in key regions like North America. The automaker’s ability to maintain solid performance in Japan amidst global production challenges underscores its resilience in an evolving automotive landscape.
