Honda To Cut Japan Production By 40% On Supply Chain Woes: Reuters

Honda Motor Co Ltd HMC is planning to cut Japan production by up to 40% as supply chain, and logistical woes continue to hamper, Reuters reported.
The COVID-19 and semiconductor shortages have made it difficult to procure parts and logistics.
The report noted that the automaker's assembly plant in Saitama prefecture, north of Tokyo, would have a 40% production cut early in September.
Also, two of its assembly lines in Suzuka plant in western Japan will cut production by 30%.
Honda's rival Toyota Motor Corp TM aims for global production volume for September to be approximately 850,000 units (approx. 250,000 units in Japan and 600,000 units overseas).
Toyota's production forecast for the fiscal year remains unchanged at approximately 9.7 million.
Price Action: HMC shares closed higher by 1.13% at $26.93 on Wednesday.
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