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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 celebrates 30th anniversary of the NSX with a look back at how it began

In 1989, the baseball-loving Japanese dipped their bats in pine tar and came to the U.S. to take gigundous swings. That single year launched five legends: Lexus LS400, Infiniti Q45, Nissan 300ZX Twin Turbo, Mazda MX-5 Miata, and Acura NS-X concept. The Chicago Auto Show (!) hosted the global debuts of the Mazda and the Acura. While Mazda celebrates the bygones with the 30th Anniversary Miata, Acura's reminiscing with a look at how the NSX — a car Motor Trend described in 1990 as, "[The] best sports car the world has ever produced. Any time. Any place. Any price ..." — came to be. The development yearbook opened in 1984, a year after Honda returned to Formula One as an engine supplier for the Spirit team, and for the second Williams chassis in the last race of the season. For the first time in the automaker's history, Honda wanted to build a production car with the engine behind the cabin, one that would demonstrate Honda's engineering prowess and "deeply rooted racing spirit." The sports car would also serve as a halo for the not-yet-launched Acura brand. The engineering team built the first test vehicle in February 1984 on the bones of a first-generation Honda Jazz. After four years of formal development, Honda parked the NS-X Concept in a conference room at Chicago's Drake Hotel in February 1989. This is where the media would meet the red wonder before the public show-stand debut. The F-16 Fighting Falcon-inspired coupe was built on the world's first all-aluminum monocoque, and its SOHC V6 ran with titanium connecting rods. Before the press conference, then-Honda president Tadashi Kume got in the NS-X, started the engine, and revved to the 8,000-rpm redline — a noise felt by everyone in the adjacent conference room attending a Ford press conference. Honda's PR man at the time yelled, "Mr. Kume, stop it! They're gonna hear this!" When Kume got out, he asked Honda engineers present why they didn't put their new VTEC technology in the NS-X. (What's Japanese for, "Why didn't the VTEC kick in, yo?!") They told him VTEC had been created for four-cylinder engines. Kume told them to work on a V6 application. More suggestions came from journos who drove the early prototypes at Honda's Tochigi R&D Center, who said the NS-X "could use more power." The development team had grabbed the SOHC V6 from the Acura Legend for the NS-X concept, and it put out 160 horsepower in the luxury sedan.

Acura Precision EV Concept teased ahead of Monterey reveal

Acura is getting ready to to unveil a new all-electric concept to showcase the brand's design language as it enters the age of electrification. A brief teaser video providing a glimpse of the car was released today accompanied by precious little information, but we can still glean a few tidbits. The name, Acura Precision EV Concept, offers the first clue. Acura has applied the name "Precision" to flagship concepts in the past. The stunning 2016 Precision Concept was also said to define a new design language for the brand. It became a template for cars like the RDX and MDX, but it most resembled the sharp-looking TLX sedan that debuted in 2020 for the 2021 model year. In the intervening years, luxury marques have become far more likely to introduce an electrified crossover as a flagship than an internal combustion sedan. The Precision EV concept seems to fit that mold. From the video, we can see that the vehicle will have a rather tall section of black cladding below the "grille" area, as well as some contouring above the wheel wells. This suggests it's quite likely an SUV rather than a low-slung sedan.  The would-be grille area now projects an illuminated Acura logo. The formerly high relief diamond shapes converging on the central emblem are now distinct lighting elements, with the same pattern repeated in a lower fog lamp areas on either side of the nose. Acura's signature jewel-eye headlights with chicane DRLs are now slimmer and wider, meeting the grille area at the inner points. So, what is it? Quite likely, we'll soon see a preview of Acura's upscale version of the Honda Prologue, an EV collab with General Motors. Riding on GM's Ultium battery platform that will underpin Cadillac Lyriq, Honda has announced that the Prologue will spawn an Acura as well. Finally, thanks to unearthed trademark filings, we are led to believe that it will be named the Acura ADX. Whatever it's called, it's not expected to hit the roads until the 2024 model year. That fits with the Precision EV Concept's August 18 unveiling at this month's Monterey Car Week festivities. Related video: