Car giants Honda and Nissan on Thursday lifted their full-year sales and profit forecasts thanks to brisk sales in global markets and a weaker yen.

However, they pointed out that fierce price competition in China was posing a challenge for Japanese automakers.

For the year to March 2024, Honda estimated a net profit of ¥930 billion ($6.18 billion) and ¥1.2 trillion operating profit on sales of ¥20 trillion.