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Honda profit declines on semiconductor crunch and raw material costs

TOKYO — HondaÂ’s fiscal first quarter profit fell 33% from last year as a global computer chip shortage, a pandemic-related lockdown in China and the rising costs of raw materials hurt the Japanese automaker. Tokyo-based Honda Motor Co. reported Wednesday that its profit totaled 149.2 billion yen ($1.1 billion) in the April-June quarter, down from 222.5 billion yen ($1.7 billion) a year earlier. Quarterly sales slipped 7% to 3.8 trillion yen ($28 billion). Honda kept its profit forecast for the full fiscal year through March 2023 unchanged at 710 billion yen ($5.3 billion). The semiconductor shortage has hurt all the worldÂ’s automakers, including Honda, despite strong demand, and the manufacturers have been scrambling to secure alternative suppliers. Honda, which makes the Accord sedan, Odyssey minivan and Civic compact, sold about 815,000 vehicles last quarter, down from 998,000 vehicles the same period a year earlier. Auto sales dropped in almost all regions around the world, including Japan, the U.S. and Europe. “I ask for the understanding from all those who are still waiting for their vehicles and vow that our whole company is doing its utmost to make the deliveries even a day sooner,” Chief Financial Officer Kohei Takeuchi said. Takeuchi said the semiconductor shortage curtailed motorcycle production as well as car production, adding to uncertainty about future prospects. Honda said the recent lockdown in Shanghai was among the causes of the shortage in computer chips supply but declined to give specifics. Although U.S. sales are potentially facing a dent from recession worries and other economic hardships, Takeuchi acknowledged he was more worried about the shortage problem and producing the cars customers were waiting for. Takeuchi noted that motorcycle sales for the quarter, which grew to 4.25 million motorcycles from 3.88 million a year earlier, were going strong, especially in India. The cheaper yen and cost cuts helped maintain profitability overall, he added. The yen has been at a two-decade low against the U.S. dollar. A cheap yen has historically worked as a boon for exporters like Honda by boosting the value of their overseas earnings when converted into yen. But it also increases costs for imported components and materials. JapanÂ’s top automaker Toyota Motor Corp. reported recently that its fiscal first quarter profit fell nearly 18%. Nissan Motor Co. saw its quarterly profit plunge to less than half of what it was a year earlier.

2024 Acura Integra Type S costs $51,995, orders open May 11

The highly anticipated 2024 Acura Integra Type S will start at $51,995 (including $1,195 for destination) and preorders will open up on May 11, 2023, at 10 a.m. Pacific. Now, before you get too excited, know that Acura is only planning to take reservations for "one of the first 200 production units before the high-performance model officially begins arriving at dealerships next month." We'd expect those 200 slots to fill awfully quickly. For those interested in throwing their hats into the virtual ring, the orders will be accepted at Acura.com/Integra. Deliveries to dealerships are planned for June. As we already knew, the Integra Type S will gain a total of 5 horsepower over the mechanically related Honda Civic Type R, though we're not clear on what's changed between the two versions of the 2.0-liter turbocharged four-cylinder powerplant to account for those newly located ponies. A six-speed manual transmission is mandatory, no automatic will be offered. The Type S will benefit from the same dual-axis front suspension design that inhibits torque steer so well in the Type R. Read all the rest of the salient details in our coverage of the Acura Integra Type S reveal. Acura also revealed that the Type S will achieve fuel economy figures of 21 miles per gallon in the city, 28 on the highway and 24 combined. That's down one mpg in the city compared to the Civic Type R, but the rest match up. Now, it is of course worth pointing out that the latest Honda Civic Type R is an excellent car. We not only named it an Editor's Pick, we declared it victorious in a comparison test with its most natural rival, the Toyota GR Corolla (a car that we also like quit a bit). That Honda, which shares a whole host of parts with this new Acura Integra Type S, costs $44,890 (again, including destination). What exactly will account for the $7,105 price difference, and will it be worth it? We will of course have to wait for our turn behind the wheel to find out. But consider our interest piqued. Related video: Featured Gallery 2024 Acura Integra Type S View 26 Photos Acura Car Buying Performance Sedan

Acura RLX Sport Hybrid SH-AWD set for LA debut

Acura has announced that it will be showing the production version of the RLX Sport Hybrid SH-AWD at the 2013 Los Angeles Auto Show. You'll recall that the standard 3.5-liter V6-powered RLX has been on sale for some time, and that our review of Acura's flagship sedan was mixed. On paper, at least, the RLX Sport Hybrid SH-AWD should fare better.
Sporting a similar hybrid powertrain to the one expected to motivate the NSX supercar, the RLX uses a 3.5-liter V6 paired with a seven-speed dual-clutch transmission and a trio of electric motors to generate 377 horsepower, net a combined fuel economy of 30 miles per gallon and offer the security and performance of torque-vectoring all-wheel drive.
The RLX will hit the LA stand on November 20. Scroll down for the full press release from Acura.