Honda Motor Co., Ltd.’s (HMC - Analyst Report) production in Japan surged 13.8% to 52,215 units in August. Production outside Japan increased 12.4% to 351,272 units, which was a record high for the month of August. Consequently, worldwide production volume for Aug 2016 was 403,487 units, up 12.6% from the figure reported in Aug 2015. The automaker’s global production volume was a record high for the month of August.
Production outside Japan was driven by an 11.8% rise to 182,805 units in North America, a 32.9% improvement to 6,705 units in Europe and a 14.6% increase to 147,549 units in Asia. Honda set an August production record in North America and Asia. These improvements thus offset the 5.8% decline in other regions to 14,213 units. Production in China reached an August high of 82,266 units.
Sales in the Japanese market declined 9.1% year over year to 42,814 units in August. New vehicle registrations fell 16.6% to 22,391 units, while mini vehicles’ sales grew 0.8% to 20,423 units.
The Honda Fit, which recorded sales of 7,034 units, was the fourth best-selling vehicle in the industry among new vehicle registrations (excluding mini vehicles) in Aug 2016. VEZEL was the tenth top-selling vehicle, with sales of 5,066 units.
Under the Mini vehicles category, N-BOX was the best-selling vehicle, with sales of 13,276 units. N-WGN was the seventh highest-selling vehicle in the industry, with sales of 5,332 units.
Exports from Japan soared 101.1% year over year to 10,136 units in August. This was the fourteenth continuous month of increase in exports.
Honda currently carries a Zacks Rank #3 (Hold).
Some better-ranked auto stocks include Cooper-Standard Holdings Inc. (CPS - Snapshot Report) ,Standard Motor Products Inc. (SMP - Analyst Report) and Douglas Dynamics, Inc. (PLOW - Snapshot Report) .
Cooper-Standard has witnessed positive estimate revisions in the last 60 days. It also posted positive earnings surprises in the last four quarters, resulting in an average beat of 51.17%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Standard Motor Products, a Zacks Rank #1 stock, has witnessed positive estimate revisions in the last 60 days. The company has a long-term expected EPS growth rate of 15%, which is better than the industry average of 12.3%.
Douglas Dynamics has seen its estimates move north in the last 60 days. The stock sports a Zacks Rank #1.
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