Honda has revised its initial forecast for the year after surging second quarter profits boosted by significant tax breaks on green vehicles.

The Japanese automaker is currently in a neck-and-neck race with Nissan for the title of Japan's number 2 automaker. Nissan has yet to report its quarterly results, but they'll have to be great to close the gap on Honda, which recently reported that its profit more than doubled compared to the same period last year, taking in earnings of approximately $1.68 billion.

Tax breaks by the Japanese and U.S. governments helped the automaker move more green vehicles. Honda makes a number of hybrids in the U.S., with plans for electric vehicles in the near future. The Insight hybrid was a top seller for the company, along with perennial favorites like the Accord and Civic.

The results were so good that the company has revised its initial projection for the year, now believing it will take in $6.2 billion in total profit rather than $5.6 billion. If the company hits that total, it will be an 86 percent increase over the previous year's total.

Drivers interested in hybrid vehicles may want to wait until they are widely available on the used car market, as the technology is still rather expensive.