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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.

2014 Acura MDX shows up exactly as expected

Acura (and parent company Honda, for that matter) doesn't always leave a lot to be left to the imagination when they unveil prototypes at auto shows. Case in point: Take a gander at the Acura MDX Prototype that debuted at the Detroit Auto Show this past January, and then look at the production-spec 2014 MDX pictured above. See what we mean?
Design-wise, there frankly isn't a whole lot to get excited about with this MDX. Sure, a lot of the chiseled, sharp lines from the previous-generation model have been smoothed out in favor of something that will likely have more mass-market appeal, but to our eyes, the MDX has simply lost a lot of its visual flair in the process. To quote Autoblog senior editor Seyth Miersma, this new one just looks like the old one after melting by 10 percent. The end result is something that more closely resembles the company's smaller RDX crossover than anything else, with other subtle design elements mimicking what we've seen on the ILX and RLX sedans. It's all fine, but again, not exciting. The good news, however, is that thanks to the use of new lightweight materials, the 2014 MDX is 275 pounds lighter than the outgoing model.
Updates to what's underneath the MDX's new skin are hardly surprising, but still welcome. Power comes from a direct-injected 3.5-liter V6 making 290 horsepower and 267 pound-feet of torque, mated to a six-speed automatic transmission with both front-wheel drive and Acura's Super-Handling All-Wheel Drive on offer. Acura estimates that front-drive models will achieve 20/28/23 miles per gallon (city/highway/combined), and says that adding the SH-AWD drops those numbers to 18/27/21. Acura will offer a new Integrated Dynamic System that allows the driver to choose between normal, sport and comfort settings, and the new MDX will ride on a choice of either 18- or 19-inch alloy wheels.

The original Acura NSX: Development history and driving the icon

The original NSX, introduced in production form in 1990 by Honda and to the United States market under the Acura brand in 1991, is now officially 25 plus years old. Generations of car enthusiasts grew to love the original NSX over the 15 years it was in production and beyond, but as an fan and owner, I think it's important to fully realize just how monumental a shift the introduction of the NSX was in the art of making cars. So, retold 25 years later, this is the abridged story of the NSX, Honda's supercar. The Idea The NSX was an extremely risky project for Honda, a company that in the late 1980's was nowhere near the corporate juggernaut that it is today. Honda's eponymous founder, Soichiro Honda, was still involved in decision-making at the company during this time under the role of "Supreme Advisor," and it is debatable whether the NSX project in its infancy would have gone forward at all had he not still been pushing the company towards the spirit of technical achievement it had been known for in the prior decades. Mr. Honda was still so involved during this period, in fact, that when the first batch of 300 production NSXs were made with a version of the Acura badge he didn't like, he ordered all of the cars stopped at port in the USA, the new badges applied, and the offending incorrect badges sent back to Japan to be systematically destroyed. This was clearly a man who paid attention to the details, but I digress. Honda as a company devoted $140 million dollars to the NSX project ($250 million in today's money), half of which would go to developing the car, and the remainder of which would go to building a new state-of-the-art factory to assemble it. Honda's own goals for the NSX were actually exactly as most media stories portray the car today: to build a bona-fide exotic supercar, but one without the ergonomic and reliability penalties associated with that type of car. They didn't want to sacrifice the needs of the driver to the supposed demands of performance, demands that they felt didn't have to be there in making a truly top-level performance machine. The R&D team wanted a car that could hang with heavyweight exotics in a straight line, play with smaller and more lightweight sports cars in the curves, and cruise in serenity on the freeway. Essentially, they wanted it all, and the brief was to have a car that could do everything without compromise.