Honda says it does not expect its European operations to return to profit until the 2013-14 fiscal year as it battles the strong appreciation in the yen.
Honda Europe president Manabu Nishimae said that, by that time, 80% of the cars it sells in the region will be sourced from its British plant.
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Despite two straight years of losses and a market share of just over 1%, Nishimae said the automaker had no plans to exit what is regarded as a fiercely competitive market, particularly as volume makers ramp up margin-eroding incentives to chase declining sales.
Nishimae added that to better weatherproof Honda in Europe he is looking “every day” for ways to cut its exposure to the yen, which finished off 2011 at a 10-year high to the euro.
