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Profit at Honda doubles on strong global sales of cars and motorcycles

TOKYO — Honda reported Wednesday that its April-June profit more than doubled on healthy sales of its motorcycles and cars, as the Japanese company also received a perk from favorable exchange rates. Honda Motor Co. said its fiscal first quarter profit totaled 363 billion yen ($2.5 billion), up from 149 billion yen. Quarterly sales jumped 21% to 4.6 trillion yen ($32 billion). HondaÂ’s financial service division also reported growing sales. Honda said its profitability improved, especially in North America, where production recovered. Automakers around the world were slammed by supply shortages because of production delays related to social restrictions caused by the COVID-19 pandemic. But such restrictions have eased, allowing production to pick up again. Auto sales were about the same in Japan in the latest quarter as in the previous year, while dropping significantly in China because of intense competition from makers of battery electric vehicles, Honda said. Honda is banking on growth in EVs in the U.S. market, where it recently announced it is joining six other companies in the creation of a high-powered charging network across North America. Worries about climate change have helped set off a dramatic shift in the auto industry toward battery electric vehicles, allowing for relative newcomers like Tesla and BYD to prosper, while catching some Japanese makers off guard with their hybrids and regular gasoline-powered models. Honda said a computer chip shortage crimped its motorcycle sales in India, while sales rebounded in Indonesia as production recovered. Honda said it sold 901,000 vehicles in the latest quarter, up from 815,000 a year earlier. It also sold more motorcycles worldwide at nearly 4.5 million, up from 4.2 million. Honda added 23 billion yen ($160 million) to its quarterly operating profit because of the impact of currency exchange rates. A weaker yen, trading lately at about 143 yen to the U.S. dollar, is a boon for Japanese exporters by boosting the amount of its overseas earnings when converted into yen. Honda stuck to its full year projection of an 800 billion yen ($5.6 billion) profit, up from 651 billion yen a year earlier. Honda shares slipped 0.9% on the Tokyo Stock Exchange. Related video: Earnings/Financials Acura Honda

Honda Clarity is your new fuel cell future vehicle [w/video]

We know it will go on sale in the US next spring. We know it will have an estimated range of over 300 miles. We know it will start sales in California, since that's where the hydrogen stations are. But perhaps the one key details about Honda's new fuel cell vehicle that we are learning today is the name. It will be the Honda Clarity Fuel Cell. That should ring a few H2 bells for hydrogen vehicle fans out there, since the fuel cell vehicle that Honda has been leasing since 2008 was called the FCX Clarity (and the hydrogen test vehicle before that was the FCX). Naming the new vehicle - known until now as the FCEV - the new Clarity draws a clear line through to Honda's hydrogen history. This is a completely different message than the one that Toyota is sending with the name for its upcoming hydrogen car, the Mirai. In Japanese, Mirai means future. It is also interesting to note that Honda is not going to target regular consumers with the Clarity during the first year, at least in Japan. Honda says that it will work "mainly" with local governments and business customers that have shown an interest in hydrogen technology and will begin sales to individual customers "later." The five-seat Clarity Fuel Cell will come in three colors: Premium Brilliant Garnet Metallic, White Orchid Pearl, and Crystal Black Pearl. Honda says that the price, in Japan, will be 7.6 million yen, including consumption tax. That equals $63,610 in the US, but we all know these prices cannot simply be converted like this to arrive at the US MSRP. Still, now we have a guideline. At this time, Honda does not plan to sell the vehicle, since, the Clarity will be "currently available exclusively for lease sales." We got to take a brief drive in the FCEV this past week, and you can read more about the technological advances in the new Clarity (the smaller fuel cell stack, the powertrain packaging, etc.) here. The fact that Honda consistently calls the new car the Clarity Fuel Cell (as opposed to simply the Clarity) gives us reason to think that the upcoming PHEV and all-electric models will not only share a chassis, but also perhaps a name. Clarity EV, anyone? Honda Exhibits World Premiere of CLARITY FUEL CELL, Planned Production Model of its All-new Fuel Cell Vehicle, at 44th Tokyo Motor Show 2015 -- Lease sales in Japan will begin in March 2016 -- TOKYO, Japan, October 28, 2015 - Honda Motor Co., Ltd.

United States drivers buying fewer Mexican-made cars

Crossovers and pickup trucks are not only growing in market share, they're also more profitable than cars. A crossover on the same platform as a sedan retails for thousands more, despite similar components. It's one of the reasons we've seen automakers rapidly shifting production of their sedans and hatchbacks to Mexico, where cheap labor preserves the thin profit margins on these inexpensive vehicles. But as the market continues to shift in the United States, Mexico is getting burned by its lack of product diversity. The country's auto exports, which are heavy on cars, suffered a 16-percent drop last month, Automotive News reports. In total, year-over-year exports fell from 233,515 to 197,020 last month, while year-to-date exports are down by 7.4 percent, from 922,029 to 854,118. The number one culprit? America – which usually accounts for 75 percent of Mexico's exports – and its appetite for crossovers and pickup trucks bolstered by cheap gas prices. While Mexico does build some light truck models – AN specifically calls out the Ram 2500, Honda HR-V, GMC Sierra, and Toyota Tacoma as export leaders – the vast majority of vehicles rolling out of its factories are sedans and hatchbacks. In fact, the three biggest drops in Mexican exports came from companies whose south of the border factories only build cars – Ford (Fusion/Lincoln MKZ and Fiesta), Mazda (Mazda3), and Volkswagen (Golf and Jetta). Mexican Automotive Industry Association President Eduardo Solis told AN the export shortfall will likely be sorted out sooner rather than later, thanks to a pair of new factories – a Kia car factory and an Audi SUV plant – that are coming online by year's end. The two facilities will add around 100,000 vehicles to the country's export totals, which Solis said should leave the industry on the verge of breaking another export record in 2016. But how sustainable will these record-breaking years be? Slapping an "Hecho en Mexico" sticker on a new German SUV won't be enough to change the fact that Mexico's product mix is tilted too heavily towards body styles that are not growing in volume. Mexico's record-breaking export years probably aren't at an end, but we'd argue they're certainly under threat. News Source: Automotive News - sub. req.Image Credit: Omar Torres / AFP / Getty Images Plants/Manufacturing Ford GMC Honda Mazda RAM Volkswagen Truck Crossover SUV Mexico