Japanese car manufacturer Honda Motor announced on Tuesday that it anticipates a substantial 58.8 percent decrease in operating income for the ongoin

In the fiscal year ending March 31, Honda Motor Co. reported a 24.5% decline in net profit, while operating profit fell by 12.2%, Azernews reports.

The Japanese automaker confirmed it would cut 11,000 more jobs and slim down production.Nissan also saw its profit almost wiped out in the year that just ended.Operating profit hit $472 million in the 12 months to March - a decline of 88% from the previous year.

All three of Japan’s largest carmakers are struggling with tough market conditions in the world’s two largest economies. In the U.S., tariffs have roiled their global supply chains, and in China, they face competition from domestic car companies that sell next-generation electric vehicles at cutthroat prices.