Honda’s sales and profits drop amid rising costs and chip shortages

Honda has said its profit dropped 32% in the last quarter amid rising material costs and a shortage of computer chips (Eugene Hoshiko/AP)

Honda’s profit dropped 32% in the last quarter amid rising material costs and a shortage of computer chips.

The Japanese car giant reported a profit for the three months to December of 192.9 billion yen (£1.1 billion), down from 284 billion yen (£1.8 billion) the year before.