Japanese carmaker Honda has said its profits for the year could be down more than 60 percent from an earlier forecast. The global plunge in car sales is partly to blame, as well as a strong yen, which is hurting all Japanese exporters. Honda is cutting the number of cars it makes, postponing the start of production at a new plant north of Tokyo and laying off more than a thousand temporary workers in Japan.
General Motors has opened its eighth plant in China, Asia's biggest car market. GM is the biggest foreign carmaker in China, and it's banking on sales there to offset falling U.S. sales. Still, Chinese consumers' demand for cars is slowing.