Honda sold approximately 207,000 vehicles in China in the first quarter, down 6.1% year-on-year.

According to data, Honda recently disclosed its terminal car sales data in the Chinese market. According to statistics, in the first three months of this year, Honda's total car sales in China reached 206,907 units, a decrease of 6.1% compared with the same period last year. Among them, Guangqi Honda Automobile Co., Ltd. showed strong sales momentum, with cumulative sales of 108,361 vehicles, followed by Dongfeng Honda Automobile Co., Ltd., with sales of 98,546 vehicles.

In the past two months of sales, Honda sold a total of 146,458 vehicles in the Chinese market, a year-on-year increase of 5.9%. Guangqi Honda and Dongfeng Honda contributed 78,243 and 68,215 sales respectively. Through simple data calculation, we can conclude that Honda's monthly sales in March were 60,449 units, of which GAC Honda sold 30,118 units and Dongfeng Honda sold 30,331 units.

However, compared with the previous year, Honda's sales performance in February 2024 was not satisfactory. In that month, Honda sold only 45,498 cars in China, a year-on-year decrease of 38.63%. Specifically, Guangqi Honda sold 24,162 vehicles and Dongfeng Honda sold 21,336 vehicles, both showing significant declines.

Faced with fierce competition in China's electric vehicle market, especially pressure from local manufacturers such as BYD, Japanese auto giants Nissan and Honda are seeking cooperation to launch More cost-effective electric vehicles. The two parties may jointly develop a new electric vehicle platform, as well as common batteries and power systems. This initiative aims to reduce R&D costs and improve market competitiveness by integrating resources and technology. This cooperation is a typical case of reducing R&D costs and improving market competitiveness through resource integration and technology sharing.

In addition, in order to adapt to market changes and shrinking demand, Nissan and Honda also plan to reduce their production models in China. It is reported that Nissan Motor Company is considering cutting its production capacity in China by 30%, while Honda Motor Company plans to cut its production capacity in China by 20%. This adjustment aims to optimize production capacity layout and improve operational efficiency to cope with increasingly severe market challenges. To achieve this goal, Nissan and Honda Motor Co. will take a series of measures. First, they will optimize the layout of production capacity and close factories with low capacity utilization. Secondly, they will promote the optimization of the supply chain, improve supply efficiency and reduce costs. In addition, they will also increase investment in product research and development and innovation to enhance product competitiveness to adapt to increasingly stringent

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