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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.

This is why Acura hasn't yet announced its EV strategy

Despite parent company Honda's green and friendly brand image, luxury marque Acura hasn't made a grand statement about electrifying their lineup. Even as brands like Jaguar, Land Rover, Bentley, and Infiniti pledge to entirely electrify their lineups in the coming decade, Acura has held back. The reason, according to Acura head honcho Jon Ikeda, is that it's focusing on reestablishing itself as a performance brand. In a wide-ranging interview with Automotive News, Ikeda says Acura came out of the gate strong in 1986 and did well for the first 20 years, but when the bottom fell out of the market in 2008 the brand experienced "growing pains." That spawned a period of self-reflection and, as Ikeda puts it, "What are we about?" The decision was made to go back to Acura's roots as the performance division of Honda. "That's what Acura is. That's what I fell in love with," Ikeda says. Ikeda joined Honda in 1989, but his promotion to Acura boss in 2015 was a surprise to many, including himself. That's because Honda had a tradition of putting engineers at the helm, and Ikeda was a designer, responsible for the looks of such cars as the FSX concept, 2001 Civic Coupe, and beloved 2004 Acura TL. 2021 Acura TLX Advance View 38 Photos When asked by AN whether Acura is worried that luxury competitors are putting stakes in the ground to claim EV brand identities, Ikeda says no. "For us as a brand, we needed to kind of refocus and reestablish ourselves as a performance brand... We want everybody to understand where we are, what we're about first. Even if we go electric we will continue to be a performance division of Honda and performance will be our focus." To earn its performance street cred, Acura poured resources into the second-gen NSX hybrid supercar, which served as testbed for how electricity can work harmoniously with performance. They will continue to campaign IMSA race cars to earn trophies as proof, and Ikeda also wants to bring more Type S models to the lineup. Ikeda says Acura is still in the process of rebuilding its foundation, but when he's done he expects people to associate Acura with performance. That sure seems ambitious to us, but products like the new TLX are a helpful stepping stone. It also explains why Acura is investing in different platforms to differentiate itself from Honda. To be clear, Ikeda isn't ruling out electrification.

Autoblog Podcast #407

Episode #407 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Sebastian Blanco talk about the Michelin Challenge Bibendum, the Toyota Mirai, and the BMW 3 Series falling off the Car and Driver 10Best list. We start with what's in the Autoblog Garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #407: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: Challenge Bibendum Toyota Mirai fuel cell 3 Series falls off Car and Driver 10Best list In The Autoblog Garage: 2015 Acura TLX 2015 Dodge Charger 392 Audi Prologue Concept Hosts: Dan Roth, Steven Ewing, Sebastian Blanco Runtime: 01:07:55 Rundown: Intro and Garage - 00:00 Challenge Bibendum - 18:32 Toyota Mirai - 28:20 C/D 10Best - 44:52 Q&A - 53:52 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Podcasts Acura Audi BMW Dodge Toyota toyota mirai challenge bibendum