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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.

Acura NSX to end production in blaze of glory with Type S

Production of the Acura NSX is coming to an end after the 2022 model year. Before it goes, though, Acura is promising one last hurrah, in the form of a Type S variant. Said to have performance improvements and limited production, it will prove to be the ultimate form of Honda's second-generation supercar. So far, Acura has only released some teasers and a few vague statements. Now, normally when car companies make ambiguous declarations about improved performance, that means something like stiffer shocks or bigger rims (after all, handling is a form of performance, no?). In this case, Acura specifically says the NSX Type S will have more power and quicker acceleration in addition to sharper handling. That's some real talk, even if no hard figures were provided at this time. From the teasers, we can see a few visual signifiers that will distinguish the Type S from regular NSXes. Firstly, the engine cover is finished in red, a color that has traditionally been reserved for high-performance Hondas like the Type R Civic, Integra, and the NSX of the '90s. Much of the brightwork seems to be blacked out, like the door handles and rear badge. They've also added a small Type S emblem located just in front of the rear wheels. Only 350 Type S variants will be built, with 300 of them allocated for the U.S. market. And it looks like the regular NSX may not even be available. Acura's website no longer shows the regular NSX. Only the Type S is shown under the model selection menu. Prices of the first-generation NSX, introduced in 1990 and considered one of the best supercars of its era, have been on a steady rise in recent years. It's hard to say whether this generation NSX will follow suit in the collectors' market decades from now, as despite positive reviews it never quite caught with brand-conscious buyers. But if it does end up becoming a sought-after classic, though, the Type S will surely be worth a hefty premium. The NSX Type S will be fully revealed next Thursday, August 12, during Monterey Car Week, where the very first serial production 2022 NSX Type S will be sold to the highest bidder at Mecum Auction’s Monterey sale on Saturday, Aug. 14. All proceeds from the sale of VIN #001 will benefit charity, including a STEAM (science, technology, engineering, art and math) education program for underserved youth.

8 cars we're most looking forward to driving in 2015

Now that 2014 is officially in the books, it's time to look ahead. And following our list of the cars we liked best last year, we're now setting our sights at the hot new metal that's coming our way in 2015. Some of these, we've already seen. And some are still set to debut during the 2015 auto show season. But these are the machines that keep us going – the things on the horizon that we're particularly stoked to drive, and drive hard. Jeep Renegade Not the Chevrolet Corvette Z06. Not the Ford Mustang GT350. Not the new John Cooper Works Mini. Nope, I'm looking forward to the adorable, trail-rated Jeep Renegade. And that's because I really, really, really like our long-term Jeep Cherokee Trailhawk. I do not, however, care too much for the Cherokee's looks, and I really don't like its $38,059 price tag. The Renegade Trailhawk, meanwhile, promises much of the same rough-and-tumble character as its big brother, but at what we expect will be a more reasonable price (I'm personally wagering on the baby Jeep's off-road model starting at no more than $23,000). With a 2.4-liter four-cylinder and a nine-speed automatic, it should also be a bit easier to fill than the V6-powered Cherokee. Also, I can't help but love the way the Renegade looks. It's like someone took a Wrangler, squished it by 50 percent and then handed it off to George Clinton for a healthy dose of funk. The interior, with its bright, expressive trims and color schemes should also be a really nice place to spend some time. I'll be attending the Renegade's launch later this month, so I'll have a much shorter wait than my colleagues. Here's hoping the baby Jeep lives up to my expectations. – Brandon Turkus Associate Editor Mazda MX-5 Miata Here's an uncomfortable truth: I'd rather spend a day driving a properly sorted Mazda MX-5 Miata of any generation on a winding road than I would nearly any other vehicle, regardless of power, price or prestige. It's not just that I prize top-down driving and enjoy the Miata's small size because it gives me more road to play with. I just find there's more motoring joy to be had with high-fidelity handling and an uncorrupted car-to-driver communication loop than I do with face-distorting power or grip – let alone valet-stand gravitas. But perhaps most of all, I love Miatas because they can deliver that level of feedback and driver reward at modest speeds that won't put the locals on edge or endanger lives – you can use more of the car more of the time.