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Sunday May 31st, 2020 3:39AM

Honda's profit drop on air bag recall expenses, flat sales

By The Associated Press

TOKYO (AP) — Japanese automaker Honda Motor Co. reported a 71 percent decline in its fiscal third quarter profit as air-bag recalls and flat vehicle sales offset gains from cost cuts.

Tokyo-based Honda reported Friday that its October-December profit was 168 billion yen ($1.5 billion), down from 570.3 billion yen a year earlier. Quarterly sales were unchanged at 3.9 trillion yen ($36 billion).

Honda suffered in recent years from a massive global recall of Takata air bags.

The maker of the Accord sedan and Asimo robot said it is facing various class action lawsuits in the U.S. related to the air bags.

Honda said its settlements for April-December totaled 53.8 billion yen ($493 million). It warned it expects more of such expenses.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
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