Reuters reported on September 2 that Honda Motor Co., Ltd. (NYSE:HMC) aims to cut more than $9 billion in costs over the next four years and has instructed suppliers to drastically reduce prices, according to internal documents and a person familiar with the matter. The automaker is targeting 30% cost reductions in three categories: pressed and forged components, electrical parts, and parts for software-defined vehicles, and is urging its direct suppliers to use standardized parts sourced from lower-tier suppliers and to expand use of Chinese-made components where possible. The plan, aiming to save 1.5 trillion yen ($9.
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