TOKYO — Honda Motor Co. tumbled to a $1 billion operating loss in the latest quarter amid slumping sales as the COVID-19 pandemic broadsided its key U.S. market.
The Japanese automaker swung to an operating loss of 113.6 billion yen ($1.06 billion) in the fiscal first quarter ended June 30, reversing an operating profit of 252.4 billion yen ($2.35 billion) the year before.
Honda also booked an 80.8 billion yen ($752.4 million) net loss in the three-month period. It had a net income of 172.3 billion yen ($1.60 billion) the year before.
In announcing the results in its Aug. 5