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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

2024 Acura ZDX revealed with up to 500 horsepower

The 2024 Acura ZDX electric SUV has been revealed along with many of the basic specifications. It will be available in two basic trims, the A-Spec and the Type S, and both offer fairly impressive performance and range wrapped in a package that's very similar to the Precision EV concept. The basic shape of the ZDX is quite close to the Precision, but everything has been softened. The nose still leans forward with a solid main grille, it has a floating roof, silver lower trim and a cab-rearward shape. Concessions to practicality include the conventional door-pulls and larger lower grilles for powertrain cooling. The A-Spec and Type S look pretty similar, with the main difference being wheel size: 20 inches for the A-Spec and 22 for the Type S. The A-Spec's tires are also 265-mm wide while the Type S gets 275-mm tires. And that top-trim ZDX gets the option of the Double Apex Blue Pearl from the concept, or the Tiger Eye Pearl from other Type S models. Unlike the Precision, the ZDX actually has an interior, and it does a good job of hiding its GM roots, at least at first glance. It has a low dash with slim air vents and a pair of screens for instruments and infotainment; 11 inches and 11.5 respectively. The screens are split up, and sit low behind a wraparound cowl design. Looking closer, though, and you'll see that the steering wheel and climate controls are carryover from the related Blazer EV, though that's not necessarily a bad thing. Acura has another important difference from the GM products: It will feature wireless Android Auto and Apple CarPlay, in addition to all the Google Built-In apps. An 18-speaker Bang & Olufsen sound system is standard, too. Other fancy tech includes rear emergency braking with rear cross-traffic and pedestrian detection, blind-spot monitoring with steering assist, automatic parallel parking and, thanks to being based on a GM platform, hands-free highway driving assist (Super Cruise by any other name). Digging beneath the surface, we find that the A-Spec will come standard in rear-wheel-drive form, quite the departure from a company with decades of front-drive history and experience. It gets a single rear motor making 340 horsepower. It will be available with a dual-motor all-wheel-drive powertrain that we're presuming has the same total output, seeing as Acura didn't specify a different amount. Multi-link independent suspension with fixed shocks and springs are also standard for the A-Spec.

Honda exec says US market near capacity, could hurt subprime buyers

Is there a point in the US auto industry where companies should start considering the welfare of their customers ahead of selling more cars? American Honda Executive Vice President of Sales John Mendel thinks that level exists, and we may be getting very close to it.
According to Automotive News, Mendel believes that finding more customers in the market could require pursuing subprime buyers and offering longer-term loans. However, he refuses to use those tactics. While selling models this way can improve things briefly, the strategies hurt resale prices and lower vehicle profits over time. The company won't do "stupid things in the short-term that damage the person who bought yesterday," he said to Automotive News. "It's a very, very short-term tactic especially in the subprime area."
American Honda, which combines the Acura and Honda brands, has seen market share decline from 9.7 percent to 9.1 percent through July 2014, according to Automotive News, and Autoblog's By the Numbers stats showed it posted falling sales in five of the seven months with data this year. Though, Mendel claims that was partially because the company focused on retail sales over fleets. The delays of the launches for the Honda Fit and Acura TLX likely didn't help either.