Japanese carmaker financials show how the COVID pandemic and the chip shortage continue to challenge them — despite positive fundamentals.

Automakers such as Honda have been forced to slash production due a shortage of microchips and now face an increase in costs amid China's COVID-19 curbs and the war in Ukraine.

Subaru's output fell 20 percent to 207,000 in the quarter, while deliveries plummeted 35 percent to 173,000 in the same period.

A weakening yen has emerged as a windfall for the country's automakers, helping buoy results just when they need it most amid pinched production and derailed deliveries.