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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

How Seinfeld hopes he'll help industry make better car commercials [w/video]

Bloomberg has a fascinating look into a web series that continues to be a favorite around the Autoblog offices - Jerry Seinfeld's Comedians in Cars Getting Coffee. The series, which is in its second season, sees the affable comedian picking up fellow comedians in a range of interesting cars, and having conversations with them over the drive and a cup of joe.
The piece by Bloomberg dives into the development of the series, as well as Seinfeld's tie-up with Acura, which saw the Honda-owned brand begin sponsorship this season. That relationship started not with his web series, though, but with a Super Bowl ad, alongside fellow funnyman and car enthusiast Jay Leno, that saw them competing over a new Acura NSX. Have a click over to Bloomberg for an entertaining piece that looks beyond the YouTube series. We've also wrangled Seinfeld's original Super Bowl ad for the Acura NSX, which you can see below.

2019 Acura NSX inner workings revealed in Shin Yoshikawa cutaway drawing

Artist Shin Yoshikawa is known for his intricate drawings of cars, which show every little detail under the metal skin in a cutaway fashion. The hand-drawn, pointillist pencil work re-creates the cars in immense detail, and Yoshikawa's work has been celebrated for years. Some time ago, Yoshikawa was featured on "Jay Leno's Garage," talking about his art and just how much work it is to draw the cars like he does. Now, Yoshikawa has been asked to draw the Acura NSX, and the result is fantastically good, showing everything that makes a new NSX tick — including its SH-AWD power unit. Yoshikawa says the powertrain made the NSX a real challenge to re-create on paper. "The NSX's innovative power unit was extremely challenging to draw, making the second-generation NSX the most difficult vehicle I have sketched," Yoshikawa said. "Everything comes down to the details. If you don't understand the technology that goes into building vehicles, you won't be able to build them, and you certainly can't draw them." It took Yoshikawa months of work and background research to be able to draw the final result. The amazing thing is that the car was "largely" drawn from notes and memory, showing how deeply Yoshikawa gets into his work. The NSX was also updated for 2019, after two model years. For next year it gets a new exterior color, Thermal Orange, and some structural improvements to make it stiffer and more responsive, says Acura.Related Video: Driving Iron Man's Favorite Supercar, The Acura NSX | Translogic 215