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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.

Japan wants to boost fuel-cell numbers 100x by 2020

How many hydrogen refueling stations will Japan need? Can each station handle 250 fuel-cell vehicles? They can in the Japanese government's new plans for hydrogen fuel-cell vehicle growth and station deployment throughout the country. With Prime Minister Shinzo Abe continuing to trumpet fuel cells as the advanced powertrain of the future, the government says the number of fuel-cell vehicle on its roads will multiply by 100 within the next four years, according to the Japan Times. Specifically, Japan, which is home to about 400 fuel-cell vehicles today, hopes to have 40,000 by 2020 and a whopping 800,000 by 2030. More importantly, Japan has 80 stations either in operation or slated to be deployed soon, and hopes to double that number by the end of the decade. For perspective's sake, the US has about two-dozen publicly accessible hydrogen fuel cell stations today, according to US Department of Energy. The newer ones are can dispense 100 kilogram a day, which can fuel 20-25 cars a day. Japanese automakers Honda and Toyota appear to be trying to do their parts in the H2 plan. Earlier this month, Honda started leasing its Clarity fuel-cell vehicle in Japan and is planning to bring them to California later in the year. The vehicle, which is priced at about $68,000 in Japan, is said to be able to travel about 466 miles on a full hydrogen tank, per the more lenient Japanese driving cycle (roughly 300 miles on the US scale). Honda will start production at a rate of 200 vehicles a year. With skin in the game, though, Honda indicated late last year that it was frustrated with what it said was the slow pace of fuel-cell station deployment in Japan, according to Bloomberg News. Honda was collaborating with hydrogen supply company Iwatani Corp. on what they called a "Smart Hydrogen Station," though that concept was in its testing phase as of last December. The Mirai also started sales in Japan and debuted in limited numbers in California last year. Last fall, Toyota set a rather lofty goal of selling 30,000 fuel-cell vehicles a year by 2020 as part of its Toyota Environmental Challenge 2050. Related Video: News Source: Japan TimesImage Credit: YOSHIKAZU TSUNO via Getty Images Green Honda Toyota Hydrogen Cars

CES Part 2: Honda/Sony Afeela, BMW i Vision Dee and more | Autoblog Podcast #763

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick and Associate Editor Byron Hurd. This week, they pick up from last week and dig deeper into some of the reveals and news coming from this year's Consumer Electronics Show (CES) including the Ram 1500 Revolution, the Afeela EV collaboration from Sony and Honda, Peugeot Inception, BMW i Vision Dee and VW ID.7, among other highlights and musings from the show. They also discuss the cars they've been driving, including the BMW iX, Mercedes EQS SUV, two-door Bronco Badlands, Mazda CX-50 Meridian Edition and Toyota RAV4 Wilderness Edition. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #763 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown CES 2023 Ram 1500 Revolution Sony Honda Mobility Afeela EV prototype Peugeot Inception BMW i Vision Dee Volkswagen ID.7 Cars we're driving 2023 BMW iX 2023 Mercedes EQS 450 SUV 2022 Ford Bronco Badlands Two-Door 7MT 2023 Mazda CX-50 Meridian Edition 2023 Toyota RAV4 Woodland Edition Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts CES BMW Ford Honda Mazda Mercedes-Benz RAM Toyota Volkswagen Peugeot Truck Coupe Crossover SUV Concept Cars Electric Luxury Off-Road Vehicles Performance Sedan Afeela