Honda Motor Co., Ltd.’s (HMC - Free Report) production in Japan improved 18.5% to 75,348 units in February. Production outside Japan increased 32.4% to 321,113 units, which was a record high for the month of February. Consequently, worldwide production volume for Feb 2016 was 396,461 units, up 29.5% from the figure recorded in Feb 2015. Honda’s global production volume was a record high for the month of February.
Production outside Japan was driven by a 43.1% rise in North America to 175,435 units, and a 29.7% increase in Asia to 125,247 units, both of which were February records. These improvements offset the 23.7% fall in production in Europe to 8,271 units and a 2.8% decline in other regions to 12,160 units. Production in China reached a February high of 65,130 units.
Sales in the Japanese market declined 3.7% year over year to 69,015 units in February. New vehicle registrations improved 7.7% to 36,434 units. Mini vehicles’ sales fell 13.9% to 32,581 units.
The Honda Fit, which recorded sales of 10,013 units, was the third best-selling vehicle in the industry among new vehicle registrations (excluding mini vehicles) in Feb 2016. VEZEL was the eighth top-selling vehicle, with sales of 7,035 units.
Under the Mini vehicles category, N-BOX was the second best-selling vehicle, with sales of 17,897 units. N-WGN was the fourth highest-selling vehicle in the industry, with sales of 8,974 units.
Exports from Japan soared 432.9% year over year to 11,046 units in February. This was the eighth continuous month of increase in exports.
Honda currently carries a Zacks Rank #4 (Sell). Some better-ranked automobile stocks include Cooper Tire & Rubber Co. (CTB - Free Report) , Visteon Corporation (VC - Free Report) and The Goodyear Tire & Rubber Company (GT - Free Report) . While Cooper Tire currently sports a Zacks Rank #1 (Strong Buy), both Goodyear and Visteon hold a Zacks Rank #2 (Buy).
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