If anyone needed proof the Carpocalypse is affecting all the automakers, Honda, the mighty stalwart of profitability, has announced a half-year operating loss of $1.4 billion. It's their first in 11 years.
That half year loss is made up for by a first half year profitability of $2.0 billion dollars, but if there's a stronger sign the market has fallen apart we've yet to see it. Honda CEO Takeo Fukui said "We see no sign of a recovery." Don't know about you folks but when Honda loses money and says things may not recover, we kinda take that as a bad sign.
We expect Senators Bob Corker and Richard Shelby to berate Honda for being a failure of a company, incapable of building innovative products that Americans want to buy and lagging behind their foreign competitors. Obviously they're not worthy of anyone's sympathy. [Forbes]