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Pioneer Seeks Aid from Honda

4/23/2009 02:49:00 PM Eastern

Tokyo — Pioneer, which recently exited the flat-panel TV market, may receive financial help from Honda Motor Company, said reports.

Honda Motor Company said it is considering an investment in Pioneer, which reported losses for each quarter during 2008, according to Bloomberg and other news agencies. Honda may invest several billion yen and take an equity stake in Pioneer, said reports.

A spokesman for Pioneer Electronics (USA) told TWICE, "We are aware of these reports, but they are not based on any announcements by Pioneer."

Pioneer Corp. also may seek an injection of public funds under a Japanese-government-sponsored assistance program to help companies during the global financial crisis, said the Nikkei.

The company which is a leader in U.S. aftermarket car audio said in February that it would cut 10,000 jobs worldwide and quit the television business to focus on car electronics.