Honda will record a third consecutive record net profit in 2003/2004 – possibly exceeding $3.7bn – its president Hiroyuki Yoshino has predicted.

He believes that the increased returns will be on the back of substantial sales growth in the US, China, and other export markets.

The US continues to generate the bulk of the carmaker's operating profits – but Asia is the key sales growth area. The regional hotspots are China and Thailand, and Honda is stepping up production in both.