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Honda suspends Japan production until 20 March

Honda suspends Japan production until 20 March
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First Published: Mon, Mar 14 2011. 03 56 PM IST
Updated: Mon, Mar 14 2011. 03 56 PM IST
Tokyo: Honda Motor Co said on Monday it will suspend all production in Japan at least until 20 March 2011 following a massive earthquake in the northeast of the country.
Honda kept all its factories closed on Monday, except for a motorcycle plant on the southern island of Kyushu, though that too will be shut from Tuesday.
Meanwhile, the firm said in a statement that it would “fully cooperate” with rollover power outages planned by Tokyo Electric Power .
Honda manufactured 69,170 cars in January 2011 in Japan, where it makes 22 % of its cars.
Its shares closed down 6.5% at 3,095 yen before the announcement, while the benchmark Nikkei 225 average sank 6.2%.
Shares of other Japanese automakers and manufactures also faced hefty selling as companies struggled to gather information from the stricken area and investors worried production could be suspended for an extended period.
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First Published: Mon, Mar 14 2011. 03 56 PM IST
More Topics: Honda | Japan | Earthquake | Kyushu | Nikkei |