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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.

Rumors abound over Honda's mid-engined 'Small NSX'

The "baby NSX" lately in the news has been in Honda's idea cloud since before the 2008 global financial rift. The company called it the "Small NSX" and reports said it "will really be a scaled-back version" of Acura's exotic, including the mid-engine layout and a variation of the hybrid SH-AWD. It even had a price: $50,000 to $60,000. So more than seven years on, when a series of patent images materialize for what looks like an NSX-inspired Honda sports car, it doesn't prove anything, but it fits. Motoring reports that the Small NSX will sit at the top of a lineup of three mid-engined sports cars intended for the Honda brand - but note that Motoring is based in Australia, where our Acura NSX is sold as a Honda. This Small NSX would be a "radical replacement" for the Honda S2000 that ended production in 2009. Beneath it will be a global version of the S660 roadster that could come here as an S1000 with 125 horsepower. The Civic Type R and a much sportier, reimagined CR-Z will put some long forgotten handling chops at other price points in the model mix. Motoring's sources say the Small NSX design work is, "for all intents and purposes, completed." The consistent rumor regarding engine is the 306-hp 2.0-liter turbo VTEC used in the Civic Type R. One electric motor will be in back to help move the rear wheels, two electric motors will hang on the front axle. Overall power output is put at around 400 hp, with 330 hp of that coming from the ICE, working through a nine-speed dual-clutch transmission. An aluminum frame with aluminum and carbon fiber parts will discourage heft, the final product at aiming at a weight under 3,100 pounds. Its price should be competitive with its intended target, the Porsche Cayman. The 2018 Detroit Auto Show is where we might see it, before it goes into production later that year at Honda's Performance Manufacturing Center in Marysville, OH. Related Video: News Source: Motoring Green Acura Honda Coupe Hybrid Performance honda nsx

Honda overhauls North American operations with eye towards more autonomy

The increasing sales success of Honda North America (HNA) has led to Honda brass in Japan reorganizing regional operations here. The management shuffling here and in Japan is intended to both streamline and confer more responsibility on HNA "as the region assumes a larger role in shaping Honda's global business," and as Honda builds more facilities that serve several roles in the product development pipeline.
Honda's executive vice president and president of HNA Tetsuo Iwamura was named COO of automotive operations, taking over a position that had been handled by company president Takanobu Ito. Iwamura's new role puts him in charge of anything Honda makes that has four wheels, which Automotive News says equates to 78 percent of the company's global revenue.
The current company CFO, Fumihiko Ike, will fill the now-vacant role of company chairman and Kohei Takeuchi will take his place. Takeuchi is presently the operating officer, general manager of the accounting division. The executive swaps take effect April 1, 2013.