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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

Precision Concept previews the future of Acura design [w/video]

When we drove the 2014 Acura RLX Sport Hybrid two years ago we celebrated its massive handling and carped on its milquetoast styling. We'd have done backflips if the internals of the brand's flagship sedan had been wrapped in the sheetmetal of the Acura Precision Concept. Don't get us wrong, we still have some questions about the front end of the car in these images, but we're all-in on the side view and, more importantly, we applaud Acura for making a bold design statement. Acura says the Precision concept "literally will shape the direction of all future Acura products," bringing a "bolder, more distinctive future for Acura vehicle design." Hallelujah. As if you couldn't tell, this is the product of the Acura Design Studio in California, where Acura NSX veteran Michelle Christensen led the exterior work and NSX veteran John Norman led the interior design. Up front is what's called a Diamond Pentagon grille, which looks fussy here but we won't make final judgments until we see it on the Detroit Auto Show floor later today. Come around to the side and the low-slung, rear-wheel-drive proportions on 22-inch wheels are the last thing we'd expect from a design study for an Acura sedan. It is about two inches shorter than the 2016 BMW 750i with a wheelbase that is 4.4 inches shorter, and sits six inches lower. Intensely sculpted surfaces flow from the exterior into the cabin, like the CHMSL that breaks the rear backlight to roll into the rear headrests. Interior elements thrust like geologic formations, popping with mixed materials, floating rear seats, a small steering wheel and floating gauge locked onto a tiered instrument panel. The wide, curved screen atop the center console experiments with a floating touchpad to control a concept human-machine interface. Acura says everything about the Precision concept is an expression of the company's "Precision Crafted Performance DNA." We have no idea how Acura plans to integrate this into its product line; put the Precision on a showroom floor right now and every other current Acura model save the NSX would squeal away and hide. But we welcome the attempt. We can't wait to see what happens. Acura Precision Concept Points to Bold Future for Acura Design DETROIT, January 12, 2016 – The Acura Precision Concept model made its world debut at the 2016 North American International Auto Show today, pointing toward a bolder, more distinctive future for Acura vehicle design.

Weekly Recap: Chrysler forges ahead with new name, same mission

Chrysler is history. Sort of. The 89-year-old automaker was absorbed into the Fiat Chrysler Automobiles conglomerate that officially launched this fall, and now the local operations will no longer use the Chrysler Group name. Instead, it's FCA US LLC. Catchy, eh? Here's what it means: The sign outside Chrysler's Auburn Hills, MI, headquarters says FCA (which it already did) and obviously, all official documents use the new name, rather than Chrysler. That's about it. The executives, brands and location of the headquarters aren't changing. You'll still be able to buy a Chrysler 200. It's just made by FCA US LLC. This reinforces that FCA is one company going forward – the seventh largest automaker in the world – not a Fiat-Chrysler dual kingdom. While the move is symbolic, it is a conflicting moment for Detroiters, though nothing is really changing. Chrysler has been owned by someone else (Daimler, Cerberus) for the better part of two decades, but it still seemed like it was Chrysler in the traditional sense: A Big 3 automaker in Detroit. Now, it's clearly the US division of a multinational industrial empire; that's good thing for its future stability, but bittersweet nonetheless. Undoubtedly, it's an emotion that's also being felt at Fiat's Turin, Italy, headquarters as the company will no longer officially be called Fiat there. Digest that for a moment. What began in 1899 as the Societa Anonima Fabbrica Italiana di Automobili Torino – or FIAT – is now FCA Italy SpA. In a statement, FCA said the move "is intended to emphasize the fact that all group companies worldwide are part of a single organization." The new names are the latest changes orchestrated by CEO Sergio Marchionne, who continues to makeover FCA as an international automaker that has ties to its heritage – but isn't tied down by it. Everything from the planned spinoff of Ferrari, a new FCA headquarters in London and the pending demise of the Dodge Grand Caravan in 2016 has shown that the company is willing to move quickly, even if it's controversial. While renaming the United States and Italian divisions were the moves most likely to spur controversy, FCA said other regions across the globe will undergo similar name changes this year. Despite the mixed emotions, it's worth noting: The name of the merged company that oversees all of these far-flung units is Fiat Chrysler Automobiles. Obviously the Chrysler corporate name isn't completely history.