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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

10 best new car deals of November 2021

Sales of new cars, trucks and SUVs were drastically affected in 2020 due to the (still) ongoing coronavirus pandemic. The market started to show signs of recovery toward the end of last year before really coming on strong in the early months of 2021. Of course, then pandemic-related parts and worker shortages along with global shipping constraints started running amok and causing a great deal of pricing fluctuation and a limited supply of certain vehicles. Those problems (among other things) have led to record-high new-car transaction prices in the United States. The good news is that there are still plenty of great deals on new cars. Using data provided by TrueCar, we’ve compiled a list of some of the best automotive deals for November 2021. WeÂ’ve noted the original MSRP, the average transaction price, and the total savings in both dollars and as a percentage of the original sticker price. Basically, weÂ’ve done all the hard work for you! So now, all you need to do is compare deals, go on a few test drives, and maybe drive away in a great car (and an even better bargain).

Honda, Acura EVs will adopt Tesla's NACS charging port

CARMEL, Calif. — As more and more automakers pledge to install TeslaÂ’s North American Charging Standard (NACS) ports on their electric vehicles, Honda says that it, too, will hop on the bandwagon. Future EVs from Honda – as well as its luxury division, Acura – will have NACS charging setups, giving these cars access to TeslaÂ’s huge network of Supercharger stations. "It is quite important," American Honda Motor Co. President and CEO Noriya Kaihara said in an interview Friday. "We also have to push NACS, as well. It is clear." As for when this will happen, Honda is currently at the mercy of General Motors. The Japanese automakerÂ’s next two EVs – the Honda Prologue and Acura ZDX – use shared architecture with GM, leveraging The GeneralÂ’s excellent Ultium battery technology. The ZDX will launch first, and have the traditional CCS port that isnÂ’t compatible with TeslaÂ’s chargers, but it will switch to the NACS design in 2025 or 2026. "We clearly depend on GM," Shinji Aoyama, Executive Vice President of Honda Motor Co., said during Friday's interview. "Once they [switch to NACS], this will follow for ZDX, as well." Looking to the future, Honda is part of a joint venture with seven other global automakers that will see the installation of more than 30,000 EV fast-charging stations across the United States and Canada. The chargers are still in development, but Honda says the companies are all aligned on the core values that are needed to make this charging network successful.  "The software needs to be really reliable and really open infrastructure so it communicates with every OEM's software," Jay Joseph, American Honda's Vice President of Sustainability and Business Development, said in Friday's interview. "The hardware needs to be capable of the highest levels of charging. It needs to be secure, it needs to be reliable, it needs to be accessible." Joseph said the current public charging companies know and understand the shortcomings with their systems, and that TeslaÂ’s Superchargers set an example of how to do chargers right. "If you look at what's so great about the Tesla Supercharger network, it's the maintenance," Joseph said. "They stay on top of it, they've got someone onsite monitoring the equipment, they're monitoring it electronically and remotely, and they fix it – fast. That's probably the most important thing." All the more reason for Honda – and other automakers – to switch to the NACS charging setup as quickly as possible.