TOKYO (AP) — Honda’s profit for the fiscal first quarter more than doubled from a year ago, as the Japanese automaker continues to tackle a turnaround from the first full year loss in its history.Tokyo-based Honda Motor Co. said Wednesday its April-June profit totaled 456.9 billion yen ($2.9 billion), up from 196.6 billion yen for the same period a year ago.Quarterly sales rose 13.5% to 6.06 trillion yen ($38 billion), as vehicles sold well in the U.S. and India, according to the maker of the Accord sedan, Fit subcompact and Super Cub motorcycle.Honda previously recorded a 423.9 billion yen ($2.7 billion) loss for the fiscal year ended in March, acknowledging heavy costs for its electric-vehicle plans, which didn’t measure up to the original ambitions, partly because of U.S. President Donald Trump’s policies.Analysts say many consumers weren’t ready to go electric. Honda has abandoned many of its plans for EV models.
The Trump administration has pulled back on incentive programs for EVs and withheld money to states wanting to add more EV charging stations, even as gas prices have soared over the war in Iran. Trump’s tariffs on imported autos and auto parts, lowered to 15% from the initial 25%, also worked to dent Honda’s profitability.For the latest quarter, Honda’s motorcycle operations were highly lucrative with sales going strong in Brazil and India. Car sales grew in Japan and the U.S., while struggling in China.
