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Honda Motor Co. said Wednesday it expects its fiscal 2020 net profit to fall 63.8 percent from a year earlier to ¥165 billion ($1.56 billion) due to weak demand for its cars amid the global novel coronavirus pandemic.

While the nation’s second-largest automaker by volume said it booked a net loss of ¥80.87 billion in the first quarter to June, it sees a gradual recovery in global auto and motorcycle demand in the remainder of the current business year through March.

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