Honda Motor Co. (7267), Japan’s third-largest automaker, will stop manufacturing and selling solar
panels from early next year amid falling prices of competing
The Tokyo-based company will dissolve Honda Soltec Co., a
wholly-owned solar unit set up in December 2006, it said in a
statement today. Honda makes its panels using copper, indium,
gallium and selenium, known as CIGS, compared with rivals that
“The solar business is such a competitive field,” Tetsuo Iwamura, executive vice president at the company, said today at
an earnings press conference. “Silicon-based panels used to be
expensive but prices have come down quite a bit,” contrary to
the company’s expectations, he said.
Solar Frontier K.K., a unit of Showa Shell Sekiyu K.K.,
also makes panels using CIGS technology.
The automaker’s second-quarter profit rose 46 percent to
120.4 billion yen ($1.2 billion), it said today. The results
fell short of analysts’ estimates amid slowing motorcycle sales
and demand in Southeast Asia.
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