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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.

19% of Acura Integras have been sold with a manual transmission

While you'll need to wait another week to read our review of the upcoming 2024 Acura Integra Type S, there is a nice little nugget of information we can share in the meantime. Between May 2022 and April 2023, Acura reports that it sold 19,643 Integras. According to the figures Acura shared, so grain of salt, that is grossly more than other entry-level luxury sedans: the Audi A3 (8,866), Mercedes-Benz CLA (6,656) and BMW 2 Series Gran Coupe (3,913). Update: Acura confirmed to us since this was originally posted that the A3 numbers also includes S3 and RS 3. The thing that most piqued our interest, however, was Acura saying that 19% of those 19,643 Integras came with the six-speed manual transmission. Now, that's a colossal change from the earliest days of Integra orders when the manual take-rate was hovering around 70%. Clearly, late adopters weren't as eager to row their own. It's also important to note that the manual is exclusively tied to the loaded A-Spec with Technology package, so it's effectively a pricey option.  While 19% — roughly 3,732 units — may not seem like a lot, it's actually not bad these days, and not that far off the entire 2 Series Gran Coupe lineup. That number is also about to go up since the Type S is exclusively available with a six-speed manual.  A few other sales-related Integra tidbits: It has the youngest buyers in the segment, as defined by those cars listed above, with 36% being younger than 35. Also, about 70% of buyers were of the "conquest" variety, meaning they were former Spanish Conquistadors. Wait, what's that? Oh, that makes more sense: So 70% of Integra buyers previously owned a car that wasn't an Acura, although when asked, Acura mentioned that it was possible that the buyers in question owned an Acura at some point in the distant past (you know, like an Integra) and were making a return to the brand.

Is your new-car warranty good at the race track?

We've all heard the horror stories. Your buddy knows a girl that was dating a guy whose best friend's brother once broke his brand-new, recently purchased performance car while making runs at a drag strip or laps at a track day, and the manufacturer wouldn't cover the repair under warranty. True story? Urban legend? Complete crap? Yes, no, maybe. One thing's for sure: Automotive warranties have always come with caveats. In 1908, an ad in the Trenton Evening Times clearly stated: "All Ford Cars Guaranteed for One Year." Although it changed over time, by 1925 the Ford New Car Guarantee only covered 90 days on material and 30 days on labor, and it clearly stated that that there was "No guarantee whatever on Fan Belts, Glass, Bulbs, Wiring, Transmission, Bands, Hose Connections, Commutator Shells, Rollers, Spark Plugs or Gaskets." Whether or not Ol' Henry would pay to fix your Model T if you broke it shaving a tenth off your lap time at the local board track seems to be lost to history. We're guessing no. But what about today? Do new-car warranties in 2017 cover cars when they are driven on race tracks? We researched the warranties of 14 auto brands to find out, and the answer is yes, no, maybe, depending on the brand, in some cases the model, and whether or not your car is modified from stock. Acura has been out of the high-performance car game for a number of years, but jumps back into the party in 2017 with its hybrid-powered $173,000 NSX supercar. And Acura's warranty, as well as Honda's, clearly states that it does not cover "the use of the vehicle in competition or racing events." View 33 Photos So we asked Sage Marie, Senior Manager of Public Relations for Honda and Acura. "If the car is stock, the warranty covers it on a track just as it does on the street. No question," he told us. "However, if the car is modified, say with slick tires or other components that would put higher stresses on the vehicle's parts and systems, then we would have to investigate the circumstances further." Marie went on to say the same would be true for any Acura model or Honda vehicle, including the new 2017 Honda Civic Si. This became a common theme. Chevrolet actually started this practice with the fifth-generation Camaro on the high-performance ZL1 and Z/28 models.