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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.

2021 Acura TLX Long-Term Update | Drive mode selector is a surprise delight

You may have seen last week my column espousing the sensory benefits of physical switchgear in cars. They can add a bit of fun and character in the smallest ways. As it turns out, our long-term Acura TLX has a great example of this idea: the drive mode selector. In most cars, drive modes are typically chosen via a nondescript button tucked away in the center console. Sometimes the selector is buried in an infotainment menu. But in the TLX, it’s a huge, gleaming knob placed front and center in the main control stack. It would be impossible to miss. ItÂ’s actually even more prominent than the buttons for shifting. 2021 Acura TLX A-Spec View 51 Photos With the size and placement, itÂ’s a nice dial to grasp, and works with smooth action and a solid stop in either direction for flipping through modes. But what really brings it together is the speed at which modes are selected, and the sound the infotainment system makes upon choosing one. In some cars it can take a long time for the system to acknowledge your selection and engage it, but the Acura activates it nearly as soon as youÂ’ve let the dial snap back to center. And it confirms your choice with sort of whoosh-y electronic clink through the speakers. ItÂ’s the kind of quick reaction and sound design you get from high-quality video game menus. All of these aspects make the TLX nicer to use and feel more premium. It doesnÂ’t feel like a hassle to change drive modes since it takes very little time and works well. ThatÂ’s especially welcome if you like driving it in the sport mode, since the car defaults to the normal mode on start-up. It also makes the car feel like it has fast-acting software befitting a premium car. It may seem like a small thing, but small things matter when cars have become so good. And I appreciate that Acura took its time with this seemingly little component. Related Video:

Honda spinning off Acura as stand-alone division in bid to wake up brand

Every major automaker has a different way of relating between its various divisions and brands. At Volkswagen, for example, the individual brands seem to operate with a large degree of autonomy. Under the Renault-Nissan Alliance, the two units share a common chief executive, but little else. The relationship between Honda and its luxury division Acura has always been rather close, but that's all about to change.
American Honda Motor Company has always handled sales and marketing in the North American market for both the Honda and Acura divisions, but new reorganization plans call for the two units to be separated under their own direction. Leading the Acura division will be Michael Accavitti, who moves into the position from his role as Senior Vice President for Auto Operations at American Honda. The Honda division will meanwhile be taken over by the current head of Acura sales, Jeff Conrad.
Both will report to John Mendel, the current executive vice president of the Automobile Sales Division that is being rebranded as the American Honda Auto Division. Unlike rivals Lexus and Infiniti - two brands that Acura beat to the market - Honda barely markets its luxury brand outside of North America. Its overseas presence is felt only in China, though we've yet to receive word on how the reorganization might effect that market - or for that matter, any potential of expanding into others.