Japanese motorcycle manufacturer
Honda released its first quarter results this
morning showing the company starting the new
year better than it ended the last one.
Citing a slump in worldwide sales
and a challenging currency market, Honda saw sales
of its motorcycles fall 15.5% in the fourth quarter
of 2008 compared the same period the year prior. The
motorcycle manufacturer took the hardest hit in its
own market with the number of units sold in Japan
falling by nearly 23% over the same time the year
before.
But its lineup of cheaper cars, a motorcycle business
that remains relatively robust and aggressive cost-cutting have meant that Japan’s second-largest automaker by sales has fared relatively better amid recent difficulties.
Overall, Honda beat forecasts that predicted the automaker could plunge to its first ever annual loss
by booking a profit of $1.4 billion.
Although those year to date profits
are down 77 percent, they certainly look better than
even its native rival Toyota, which predicts a deep loss this year.
Financial experts note Honda was aggressive in cutting
costs such as closing American factories that produced it's Goldwing motorcycle and backing out of many major
racing series.
Although billed as a multi-brand event, after
fifteen years the Honda Hoot was also quietly cancelled.
The family-focused motorcycle rally grew from 3,000 attendees at the first Honda Hoot to 13,000 at last years event in Knoxville Tennessee. What started as a Honda owners event evolved into one of the nation's largest multi-brand road rallies and over the years, almost a quarter of a million guests attended the Honda Hoot.
However, the company has continued
with both its motorcycle innovations and line-up.
Making waves in the two-wheeled world, Honda introduced the first motorcycle
airbag on its touring Goldwing model and added a
custom-looking chopper to its line-up with the Honda
Fury, which has become the talk of motorcycle
events and bike shows.
With the latest motorcycle moves as
well as aggressive plans in its auto divisions,
Honda hopes to continue increasing its revenues
through 2009.
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