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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

2021 Acura TLX Type-S to be powered by 355-horsepower V6

The 2021 Acura TLX Type-S is on track to deliver 355 horsepower, Honda's luxury subsidiary said Thursday, floating the power figure in an announcement that a prototype of its new sport sedan will serve as the pace car for the 2020 Pikes Peak International Hill Climb on August 30. The 3.0-liter V6 will also boast 354 pound-feet of torque, Acura said. These figures put it in the heart of the midsize performance sedan category, alongside the likes of the Cadillac CT5-V (360 horsepower) and Audi S4 (349 horsepower); BMW, Mercedes-Benz and Infiniti all offer more. The 2021 TLX sits on a new, stiffer platform and marks the return of a double-wishbone front suspension.  2021 Acura TLX to Make Racing Debut at Pikes Peak International Hill Climb "Racing is a key expression of Acura’s Precision Crafted Performance DNA. For the past nine years, Acura has utilized the grueling Pikes Peak hill climb as an opportunity to grow the skills of the companyÂ’s young engineers and as a test bed for future performance technologies in Acura production vehicles. The Acura Pikes Peak race team is comprised of a group of volunteer R&D engineers and is responsible for all aspects of the competition, including the development of vehicles, race prep, crew support and navigating race cars to the finish line," Acura's announcement said.  Acura will field two TLX race cars in the Exhibition class at Pikes Peak. Both will be powered by the base, 2.0-liter turbocharged four-cylinder. Based on the company's announcement, it appears that one will be front-wheel drive and the other equipped with Acura's Super Handling All-Wheel Drive (SH-AWD), which is standard on the Type S. This engine makes 272 hp in street tune, but the race cars have received upgrades. The SH-AWD model boasts a larger turbocharger and intercooler for additional power, while the front-wheel-drive model received a milder tune and some suspension tweaks. A Time Attack NSX piloted by James Robinson will accompany the sedans. The Type-S will serve only as a pace vehicle, not a competitive entry.  Related Video:

Honda to lead Rose Parade with hybrid tech

What are you doing New Year's Day? We're probably going to watch Urban Meyer's retirement bash the Rose Bowl, but we love a nice parade, too. To kick the day off, Honda will be leading the 130th Rose Parade with its own float, an Insight hybrid and an Acura RDX crossover. Not only will Honda be celebrating the new year, it'll also celebrate its 60th anniversary in the U.S. As such, the main float will be shaped like a 25-foot-tall birthday cake. And 60 band members from the historically black colleges and universities' marching bands — which recently took part in a battle of the bands sponsored by Honda — will represent the candles on the cake. It'll also be decorated to re-create the look of the automaker's first storefront in Los Angeles. The float will be called "Celebration of Dreams," a fitting title for a company whose founder Soichiro Honda famously said, "The day I stop dreaming is the day I die." (The first thing you see when entering the amazing Honda Collection Hall at Twin Ring Motegi is a large, circular glass sculpture with the word "Dream" and Soichiro Honda's signature). For the parade, the Honda Insight will serve as the official pace car, while the Acura RDX will play the role of sound car. The float itself will be propelled by a modified Honda hybrid powertrain. The main float will be flanked by five "satellite" floats, each representing facets of the company. These will include a Honda Super Cub motorbike; a floral representation of a 1975 Civic CVCC; a float with crash test dummies and an arch with five stars to represent safety; a Honda Accord, which is built in the U.S.; and a float incorporating elements from the HondaJet to represent the future. The Rose Parade broadcast begins bright and early at 8 a.m. Pacific on Jan. 1. Check out the rendering at the top of the page to get a sense of what to expect. Related Video: