Honda Motor's new chief executive has said the automaker has no plans to provide financial aid to Takata amidst the costly global safety recall that has affected Honda's public image and caused it to restate fiscal 2014/5 profits.

On Monday, at his first news conference since taking the helm in June, Takahiro Hachigo said Honda had now set aside enough this year to cover the cost of recalling over 2m cars with potentially faulty air bag parts made by Takata, Reuters reported.

"We have money budgeted for quality related costs, as we did last year, and we think we can respond within this allocated amount," Hachigo told Reuters in Tokyo.

Reuters noted Hachigo's predecessor Takanobu Ito and other executives took a pay cut last October following a fifth recall of the Fit [Jazz] hybrid subcompact in a year due to quality problems unrelated to Takata airbag inflators.

As Hachigo seeks to develop business, he said on Monday the company remained open to alliances with other automakers - as long as such tie ups were of benefit to Honda.

Honda already has an alliance with General Motors to develop hydrogen fuel cell technology, Reuters noted.

See also: New Honda chief sets out vision