June 19 (Bloomberg) -- Pioneer Corp., a Japanese maker of car-navigation systems and audio equipment, postponed the sale of shares to Honda Motor Co. and said it’s pursuing talks with other investors to raise 40 billion yen ($413 million).

The electronics maker delayed a plan to sell Honda about 2.5 billion yen in new stock by the end of June, Tokyo-based Pioneer said in a statement today on its Web site. Honda, also headquartered in Tokyo, said it still plans to buy the shares.

“There won’t be any particular impact on the cash management of Pioneer,” the statement said.

Pioneer President Susumu Kotani said in April he needed the money to fund operations and would seek government aid, after the company posted a net loss in every quarter of 2008. Delaying the stock sale suggests Pioneer doesn’t need funding urgently and may be close to an agreement with investors, said Osamu Hirose, an analyst at Tokai Tokyo Research Center in Tokyo.

“This announcement probably shows Pioneer’s financing situation is under less pressure,” Hirose said. “The credit market has improved in the past months and environmentally friendly cars are starting to sell, both of which are positive.”

The electronics company, which counts Honda as one of its biggest customers, said it will give an update on the planned share sale by September. The stock surged 23 percent on April 23 after Honda said it was considering the investment.

Pioneer rose 1 percent to 297 yen in Tokyo trading today, bringing its gain this year to 82 percent. Japan’s benchmark Nikkei 225 Stock Average has climbed 10 percent.

To contact the reporter on this story: Mariko Yasu in Tokyo at myasu@bloomberg.net.

Last Updated: June 19, 2009 04:22 EDT