Honda sees over 30% drop in profit due to chip shortage, China lockdowns

Japanese automaker Honda Motor Co. Ltd.’s profit dropped 33% year-on-year to around 149 billion Japanese yen ($1.1 billion) in the fiscal first quarter ended June 30, due to the global semiconductor chip shortage, rising costs of raw materials and COVID-19 lockdowns in China, The Asahi Shimbun reported. The automaker’s sales declined 7% to JPY3.8 trillion.