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Honda reports $2.3 billion profit despite pandemic

TOKYO — Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite a pandemic that has slammed businesses around the world. Tokyo-based Honda said its July-September profit was 240.9 billion yen ($2.3 billion), up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world. Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch. Quarterly sales slipped to 3.65 trillion yen ($35 billion) from 3.73 trillion yen the same period a year earlier. Honda warned that uncertainty remains amid rising COVID-19 cases. But the company stressed it was managing to cling to profitability. Reflecting that upbeat mood, Honda raised its profit forecast for the fiscal year through March 2021 to 390 billion yen ($3.8 billion) from an earlier projection for 165 billion yen ($1.6 billion). The latest forecast is still lower than the 455.7 billion yen profit Honda booked in the previous fiscal year. Honda sold slightly more vehicles in the quarter through September at 1.25 million vehicles, compared to 1.24 million vehicles in the same period of 2019. But it sold fewer motorcycles at nearly 4.5 million motorcycles, down from nearly 5.1 million. Kohei Takeuchi, a senior Honda manager, said much of the damage to sales likely came from the pandemic, though he hesitated to blame the entire decline on the pandemic. Executive Vice President Seiji Kuraishi told reporters Honda is bullish on shifting its lineup to ecological models to keep up with the global efforts to curb carbon emissions and global warming. Also Friday, Toyota raised its full year fiscal forecasts to a 1.4 trillion yen ($13.5 billion) profit, after reporting results that appear to show a gradual but sure recovery. Its profit fell 11% in the last quarter. Nissan reports financial results next week. Related Video: Earnings/Financials Acura Honda

Honda is first Japanese carmaker to be a net-exporter from US

Over the last decade or so, many foreign automakers have challenged the idea of what defines an "American car," but Honda took things a step further last year by exporting more cars out of the US than it imported in. Reuters is reporting that in 2013, a total of 108,705 Honda and Acura models were exported from the US with only 88,357 being shipped in. This gives Honda a net exporter status here, and makes it the first of such among the major Japanese automakers.
Honda's US imports have been dropping over the last five years while its exports have been steadily increasing. In 2008, the report indicates that Honda shipped 187,000 vehicles to the US and exported only 20,000, and even by 2012 Honda still favored imports with 136,000 imports and 74,000 exports. The article says that US-made Honda and Acura vehicles were exported to 50 countries with most ending up in Mexico, but the big news is that the Honda's US production set a record in 2013 with 1.3 million units built.

2021 Acura TLX Type S First Drive Review | Adapting to a changed world

SALINAS, Calif. — A lot has changed since Acura offered its last Type S model over a decade ago. Tesla's EVs have plundered a sizable chunk of market share, Korean manufacturers have stormed the near-luxury and luxury segments, and Acura, in an effort to restore the luster of their once-revered nameplate, rebooted the legendary NSX as a hybrid-powered supercar halo with the hopes that desirability (and some hardware) will trickle down into the rest of the lineup.  That last part is key to understanding the mission of the new 2021 Acura TLX Type S. Though the premium sport sedan segment isnÂ’t necessarily hotly contested, the Type S still plays a critical role in bolstering the brandÂ’s credibility. Positioned as a step above the turbo four-cylinder-powered TLX ($39,500) and the better-equipped TLX A-Spec ($45,500), the TLX Type S starts at $53,325 and packs a number of performance upgrades that make it high-performance capable. Just don't expect it to be as track-worthy as a Honda Civic Type R. The Type S is built on AcuraÂ’s stiffest sedan chassis to date. Packing an all-new twin-scroll turbo 3.0-liter V6 under its flared hood, the Type S makes 355 horsepower and 354 pound-feet of torque. Despite gains of 83 hp and 74 lb-ft, combined fuel economy drops only 3 points to 21 mpg with the hotrod V6. Aiding the cause is a cylinder deactivation system and active vibration control to mask the transition between six and three cylinders.  Chassis updates include extra bracing for a 13% stiffer body, 40% stiffer front springs, thicker stabilizer bars, more aggressive shock valving, retuned steering, and larger four-piston Brembo brakes. Standard 20-inch wheels and tires are the largest yet for TLX, and Pirelli P Zero summer tires are available with an NSX-inspired design. Tying it all together are drive modes with a new Sport+ setup: Turn and hold the centrally positioned mode selector for 1 second, and throttle response, shifting, exhaust valve, steering effort, damping, torque vectoring, and even interior lighting take on a more aggressive calibration. To showcase these enhancements, Acura held the Type S first drive at WeatherTech Raceway Laguna Seca, hauling up a few historic vehicles for good measure including a first-gen NSX and a Honda S2000 CR. Old school Type S specimens included a 2001 CL, 2007 TL, and a 2007 RSX.