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Honda Motor will slash petrol car production in China by shutting down one of its joint venture plants.
Honda will shut down a Guangzhou petrol car plant in China in June 2024.
KEY POINTS
- Honda may close its Dongfeng joint venture petrol car plant in China next year.
- Closure of both plants would halve Honda's China petrol car production capacity from 960,000 to 480,000 cars annually.
- Honda expects its first annual loss in nearly 70 years due to $15.7 billion in restructuring costs.
COMPANIES
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