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Bloomberg: Pioneer Corp., the Japanese maker of car-navigation systems and audio equipment, halved its fundraising target, citing improving earnings, cost reductions and asset sales.

Pioneer, which had previously estimated it would raise 40 billion yen ($442 million) by March 2012, will continue to consider all possible funding measures, President Susumu Kotani said today. Pioneer separately reported its first-half net loss shrank 7.3 percent to 40.9 billion yen, in line with preliminary estimates disclosed last week.

Lowering the target amount may help Tokyo-based Pioneer find buyers of its new shares after postponing a planned offering to Honda Motor Co. in June. The company, which is forecasting a sixth straight annual deficit this year, is withdrawing from the television-panel business, eliminating 9,800 jobs and closing down nine factories to focus more on car electronics to restore its profitability.

Pioneer fell 0.9 percent to close at 226 yen in Tokyo trading before the announcement today. Japan’s benchmark Nikkei 225 Stock Average slid 1.3 percent.

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