It looks like the miserable shape of our economy is taking a toll on everyone (is that a surprise?), including foreign automakers!
Honda is expected to report a $1.4 billion second-half loss, after cutting their full-year operating profit by 67%. The reasoning for this is in part due to a slump in demand and the rise in value of the Yen. In its defense, Honda did have a $2 billion first-half profit, so it will end up with a net profit at the end of the year. Coincidentally, Ford also had a profit of $100 million for the first quarter of 2008, signifying that the company is on its way to turning around.
Speaking of the pot calling the tea kettle black; maybe Richard Shelby will tear into Honda and its business structure? Nah, who am I kidding…
-Alex
Tags: Ford, Honda, Richard Shelby
