Honda has raised incentives on the Accord in China to the same level in the US hurting profit from affiliates this year. "Competition is getting very severe,'' said Chief Financial Officer Fumihiko Ike in an interview at the Honda's headquarters in Tokyo yesterday. ``We expect lower earnings from affiliates due to falling profit in the Chinese auto market.''
Honda is offering incentives of at least 20,000 yuan ($2,640) on the Accord in the world's second-largest auto market, because of increasing competition from Toyota Motor Corp.'s Camry model. The automaker cut its full-year profit forecast for affiliates, including those in China, by 15 percent last month.
Honda is currently offering incentives of $3000 on Accord Sedans in the US with the starting price at $18,625 US.
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