Honda says falling U.S. residual values hurt

Newswire

TOKYO, July 25 (Reuters) - Honda Motor Co expects falling residual values of big used vehicles in the United States to shave another 25 billion yen from its operating profit in the year to March 2009, a top executive said on Friday. "Residual values have suddenly tanked in the past two, three months, much further than we expected in April," Executive Vice President Koichi Kondo told a news conference. "All in all, business conditions are extremely tough," he said. (Reporting by Chang-Ran ...

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