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Profit at Honda doubles on strong global sales of cars and motorcycles

TOKYO — Honda reported Wednesday that its April-June profit more than doubled on healthy sales of its motorcycles and cars, as the Japanese company also received a perk from favorable exchange rates. Honda Motor Co. said its fiscal first quarter profit totaled 363 billion yen ($2.5 billion), up from 149 billion yen. Quarterly sales jumped 21% to 4.6 trillion yen ($32 billion). HondaÂ’s financial service division also reported growing sales. Honda said its profitability improved, especially in North America, where production recovered. Automakers around the world were slammed by supply shortages because of production delays related to social restrictions caused by the COVID-19 pandemic. But such restrictions have eased, allowing production to pick up again. Auto sales were about the same in Japan in the latest quarter as in the previous year, while dropping significantly in China because of intense competition from makers of battery electric vehicles, Honda said. Honda is banking on growth in EVs in the U.S. market, where it recently announced it is joining six other companies in the creation of a high-powered charging network across North America. Worries about climate change have helped set off a dramatic shift in the auto industry toward battery electric vehicles, allowing for relative newcomers like Tesla and BYD to prosper, while catching some Japanese makers off guard with their hybrids and regular gasoline-powered models. Honda said a computer chip shortage crimped its motorcycle sales in India, while sales rebounded in Indonesia as production recovered. Honda said it sold 901,000 vehicles in the latest quarter, up from 815,000 a year earlier. It also sold more motorcycles worldwide at nearly 4.5 million, up from 4.2 million. Honda added 23 billion yen ($160 million) to its quarterly operating profit because of the impact of currency exchange rates. A weaker yen, trading lately at about 143 yen to the U.S. dollar, is a boon for Japanese exporters by boosting the amount of its overseas earnings when converted into yen. Honda stuck to its full year projection of an 800 billion yen ($5.6 billion) profit, up from 651 billion yen a year earlier. Honda shares slipped 0.9% on the Tokyo Stock Exchange. Related video: Earnings/Financials Acura Honda

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.

Honda Accord Hybrid Falls Well Short Of 47 MPG, Says Consumer Reports

Do not poke Consumer Reports with the hybrid fuel economy stick. That seems to be the lesson illustrated here yet again. The Honda Accord Hybrid is the latest to arouse the ratings bear, returning "just" 40 combined mpg in CR testing. Even so, that makes it "a class leader for fuel economy among midsized sedans," besting even the Civic Hybrid in CR testing, but that's still a lucky roll of the dice short of its EPA rating of 47 mpg. Remember, it was back in December 2012 that CR knocked the Ford Fusion and C-Max hybrid models for the exact same failing: certified with an EPA-rated 47 mpg but delivering "just" 40 mpg. Beyond that, while the Accord Hybrid earned a lower overall score than the traditional gasoline Accord because of its ride, handling and refinement issues, it gets unqualified applause from the institute for its "very impressive hybrid system." It will be interesting to see if CR's findings will negatively impact the model's sales, which to this point have been impressive enough that demand is outstripping supply. In the meantime, you can check out CR's brief video review of the Accord Hybrid below, and check out the magazine's press release chiding its mpg rating. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Honda Accord Hybrid Delivers Class-Leading Fuel Economy, But Falls Well Short Of EPA's 47 MPG Estimate Jeep Grand Cherokee and BMW 328d diesels shine, Subaru XV Crosstrek Hybrid underwhelms YONKERS, N.Y., May 29, 2014 /PRNewswire-USNewswire/ -- Consumer Reports fuel economy tests found the Honda Accord Hybrid delivered impressive overall fuel-economy, tying the smaller Honda Civic Hybrid and just below the top-performing Toyota Prius hatchback. The Accord Hybrid's 40-mpg performance on Consumer Reports combined city and highway tests make it a class leader for fuel economy among midsized sedans. Testers found the Accord Hybrid has a very impressive hybrid system that smoothly transitions between battery and engine power. To save fuel, even at highway speeds, the engine willingly shuts off as soon as drivers lift their foot off the gas pedal. But Consumer Reports' engineers caution that buyers expecting their car to the EPA's figure of 47 mpg posted on the window sticker might be disappointed. "We've found that the EPA tests often exaggerate the fuel-economy of hybrids," said Jake Fisher, director of automotive testing at Consumer Reports.