In the fiscal year ending March 31, Honda Motor Co. reported a 24.5% decline in net profit, while operating profit fell by 12.2%, Azernews reports.

The Japanese automaker confirmed it would cut 11,000 more jobs and slim down production.Nissan also saw its profit almost wiped out in the year that just ended.Operating profit hit $472 million in the 12 months to March - a decline of 88% from the previous year.

Honda Motor Co. has warned of a sharp 59% decline in profits for the current financial year, as the Japanese automaker grapples with the combined pressures of U.S. President Donald Trump’s renewed tariffs on foreign-made vehicles and a rapidly intensifying global EV race dominated by Chinese producers.

Japan’s Honda Motor on Tuesday forecast a 70 per cent drop in net profit for the 2025-26 financial year as US trade tariffs weigh on the global auto

Nissan unveiled sweeping new cost cuts Tuesday, saying it would eliminate 11,000 more jobs and scale back production, capping a tumultuous year that has left the Japanese automaker fighting to turn itself around.

The automaker’s somber forecast for the fiscal year underscored how quickly fortunes had turned for many companies reckoning with President Trump’s tariffs.