{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Honda slashes profit forecast, announces pay cuts' data-url='/boclips/videos/5c54c253d8eafeecae158db6' data-video-url='/boclips/videos/5c54c253d8eafeecae158db6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nHonda slashes profit forecast, announces pay cuts\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of Honda F1 car  2. Pan from Honda F1 car to Honda's new hybrid car 3. Honda President, Takeo Fukui, walking into news briefingMedia4. SOUNDBITE: (Japanese) Takeo Fukui, Honda President:\"Due to the recent drastic change in the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of Honda F1 car  \u003cbr/\u003e2. Pan from Honda F1 car to Honda's new hybrid car \u003cbr/\u003e3. Honda President, Takeo Fukui, walking into news briefing\u003cbr/\u003eMedia\u003cbr/\u003e4. SOUNDBITE: (Japanese) Takeo Fukui, Honda President:\u003cbr/\u003e\"Due to the recent drastic change in the economic environment, we will need to take new measures to minimise the damage generated from such change. We will concentrate our limited resources into the necessary area by review our projects. In order to accomplish such new measures, we will need to look at the market change carefully and to cautiously consider what action we need to take.  But, we will act quickly once we have decided what action to take as we are aware that the situation is so critical that even the slightest delay of the management decision can lead to the fatal risk in the existence of corporates. \"\u003cbr/\u003e4. Wide of Fukui\u003cbr/\u003e5. SOUNDBITE: (Japanese) Takeo Fukui, Honda President:\u003cbr/\u003e\"We will polish up our new environment technology, enhance it further and develop it into original and attractive products - it is crucial. We have been pursuing new environment technology from our founding and we will put even more emphasis into the field of low energy products.\"   \u003cbr/\u003e6. Various of Honda's new hybrid car on display \u003cbr/\u003eJapanese automaker Honda slashed its profit forecast for the fiscal year on Wednesday and announced that managers will take a 10 percent pay cut amid a global downturn in the auto industry.\u003cbr/\u003ePresident Takeo Fukui blamed the revisions on declining demand set off by the US financial crisis and the nose-diving dollar, which recently fell to a 13-year low against the yen.\u003cbr/\u003eJapan's second-biggest automaker now expects 185 (b) billion yen (2.06 (b) billion US dollars) in group net profit for the fiscal year ending March 31, 2009. \u003cbr/\u003eThat is less than a third of the 600 (b) billion yen it earned last fiscal year.\u003cbr/\u003eTokyo-based Honda has already twice revised its forecast.  In October, it said it expected 485 (b) billion yen in profit.\u003cbr/\u003eFukui said Honda's worldwide vehicle sales in 2008 are expected to reach at 3.77 (m) million units, almost unchanged from 2007\u003cbr/\u003eFukui said the automaker will focus on green technology, especially hybrids and small cars, to ride out the difficult times and prepare for recovery in the long run.\u003cbr/\u003eIn recent years, the annual media event has usually been an occasion for Honda to announce ambitious plans for growth in key global regions and outline its strategy in green technology such as hybrids and fuel cell vehicles.\u003cbr/\u003eBut speculation had been rife that this year the news would be sombre as the industry gets hammered by the global recession set off by the US financial crisis.\u003cbr/\u003eParticularly damaging to Japanese automakers has been the plunging dollar, which erodes their overseas earnings. \u003cbr/\u003eFor every yen the dollar declines, Honda loses about 18 (b) billion yen (200 (m) million US dollars) in operating profit. \u003cbr/\u003eIn trading on Wednesday, the dollar fell as low as 88.22 yen.\u003cbr/\u003eUntil recent months, Honda had avoided the woes of its cash-strapped US rivals, General Motors Corp., Ford Motor Co. and Chrysler LLC, which are asking for a government bailout. \u003cbr/\u003eHonda makes models such as the Civic and Accord, which have a reputation for fuel-efficiency.\u003cbr/\u003eBut the recent drop in auto sales is proving too much for even Honda. \u003cbr/\u003eIn November, when US auto sales plunged 37 percent to their worst level in more than 26 years, and Honda's vehicle sales sank 32 percent from the same month a year ago.\u003cbr/\u003eTo cope with sluggish sales worldwide, Fukui said Honda will halt expansion at home and abroad.\u003cbr/\u003eThe automaker will delay operations at a new vehicle plant in Saitama, northwest of Tokyo, until 2011. \u003cbr/\u003eIts engine plant, also in Saitama, is scheduled to start operations in July 2009, but will not be running at full capacity.\u003cbr/\u003eHonda will postpone its operations at a mini vehicle plant in Mie, western Japan, until 2011.\u003cbr/\u003eIn addition, Honda shelved a plan to boost production capacity at its vehicle plant in Turkey, and put off a plan to build a vehicle plant in India, Fukui said.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv 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