Honda Records 30% Lower Profits Due To Silicon Chip Shortage
Honda Motor Company, on November 5, recorded its lower profit margin due to the "silicon chip shortage" globally. Reportedly, the Japanese automaker had to lower its production of vehicles causing loss in the overall profit upto 30%. Moreover, the company said that the profit fell by almost a third, to 198.9 billion Yen for three months. "The result was higher than an average forecast of 183.5 billion," said the company.