Japanese car manufacturer Honda Motor announced on Tuesday that it anticipates a substantial 58.8 percent decrease in operating income for the ongoin

In the fiscal year ending March 31, Honda Motor Co. reported a 24.5% decline in net profit, while operating profit fell by 12.2%, Azernews reports.

Japanese automakers Honda Motor Co. (HMC) and Nissan Motor Co. (NSANY) have each reported big declines in their operating profits. In Honda’s case, the vehicle manufacturer said its operating profit plunged by 76%.

The Japanese automaker confirmed it would cut 11,000 more jobs and slim down production.Nissan also saw its profit almost wiped out in the year that just ended.Operating profit hit $472 million in the 12 months to March - a decline of 88% from the previous year.

Japan's Honda Motor Co. announced its earnings outlook for fiscal year 2025, projecting a sharp 70.1-percent decline in net profit to 250 billion yen

All three of Japan’s largest carmakers are struggling with tough market conditions in the world’s two largest economies. In the U.S., tariffs have roiled their global supply chains, and in China, they face competition from domestic car companies that sell next-generation electric vehicles at cutthroat prices.

Honda Motor ( NYSE: HMC) announced on Tuesday a two-year postponement of its ambitious $15 billion electric vehicle investment project in Ontario. The Japanese automaker pointed to a slowdown in global EV demand and mounting economic uncertainty linked to new U.S. tariffs on imported vehicles.