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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.

Honda S2000, Acura RSX recalled over brake boosters

Honda has announced a recall that affects two of our favorite, dearly departed cars from the brand's portfolio: the S2000 roadster and Acura RSX coupe. A total of 5,239 S2000 models from the 2006 and 2007 model years are affected by this problem, as are 13,113 2006 Acura RSX models.
"A production error may have allowed brake booster components to be produced outside of the original specifications, potentially causing decreased brake assistance over time, which could increase the risk of a crash," American Honda said in a press release. Thus, dealerships will inspect and, if necessary, replace the brake booster setups in these vehicles, free of charge.
No crashes or injuries have been reported in relation to this brake problem. Honda says the problem was discovered during warranty claim analysis.

Nice car seeks Millennials | 2018 Acura TLX First Drive

The Acura TLX has a new face. And a rear diffuser. There's also a new A-Spec version with stiffer dampers, quicker steering, a snarlier engine, and snazzy red leather. Plus, every TLX has a revised touchscreen with Apple CarPlay and Android Auto. That pretty much sums up the refreshed 2018 Acura TLX entry-level luxury sedan, which didn't exactly drop into the market with a splash when it launched originally. Is all of that enough to make a difference? Probably not. After a day driving it around southern Indiana and the outskirts of Louisville, Kentucky, the TLX continues to be a perfectly nice car. It's refined and the cabin is well built, but otherwise the sedan is unremarkable. Ah, but there's more going on here than just a mid-cycle refresh. The 2018 TLX is Acura's latest effort following the revised MDX to recast itself as the maker of "precision-crafted performance" cars, inspired by both the NSX and the Precision Concept car shown at the 2016 Detroit Auto Show. It's a top-to-bottom, R&D-to-marketing attempt to better appeal to today's holy grail of customer: the Millennial. To do that, it goes beyond the cars themselves. New Acura commercials are a far cry from an authoritative James Spader rationally extolling the virtues of this and that. There are fast cuts and three images perpetually on screen. There's pulse-pumping music, bright colors, and words like "Geek + Chic" and "Super + Sonic." There are many not-exactly-subliminal images of the NSX. There's a red Power Ranger. It's hip! It's young! It's Millennial! It's also a marketing campaign that has apparently connected with its target generation – well, at least in focus group ratings. "If you look at what the other brands are doing, and particularly the luxury brands, it's so serious," said Jon Ikeda, Acura vice president and general manager. "We're trying to make it more inclusive, not intimidating, more youthful, more optimistic, and more fun. We want to have fun with it. "[The commercials] are trying to set the tone of Acura in general, to make people go, 'OK, I'm interested in that, I want to go drive that.' Now it's up to us to make sure the product reflects that." And Ikeda is actually in a position to make that happen. He's not a business guy or a Mad Men marketing sort – he's moved upstairs after spending decades in design, a tenure that included penning the third-generation TL, the best-selling Acura model of all time and one of the best-looking.